Evernorth Appoints Former Coinbase Executive as Head of XRP Operations Ahead of Nasdaq Listing

Key Points of This Article

• Evernorth appoints former Coinbase executive as head of XRP operations
• Trading begins on Nasdaq as "XRPN" from the 12th

Appointment of Chief Investment Officer

Evernorth, a treasury company that holds and manages the cryptocurrency XRP, announced on the 12th that it has appointed Hugo Jandevaux, who served as co-Chief Investment Officer at Coinbase Asset Management, as its Chief Investment Officer to oversee the XRP operational strategy, coinciding with its listing on Nasdaq.

The background of this personnel change is that while a treasury that merely holds assets requires custody and control, a proactive management company like Evernorth needs both an operational strategy and a risk management framework, as well as a responsible system for both.

Ashish Birla, founder and CEO, expressed that the expansion of tokenized real assets and the upgrade of the XRP Ledger, which brings lending and decentralized finance (DeFi) to XRP, create opportunities, and emphasized the need for personnel who have been pricing risks in both traditional finance and digital asset markets.

Jandevaux will report directly to Birla, handling asset allocation, liquidity management, and the active management of held XRP, while also serving as the senior point of contact for counterparties and custodians. He has over ten years of institutional trading and management experience in both traditional finance and digital assets, most recently leading solution investment strategies at Coinbase Asset Management.

Additionally, he previously served as the lead derivatives trader at Coinbase, responsible for options, futures, and on-chain markets, and before that traded interest rate derivatives at HSBC New York. Upon his appointment, he recognized that the financial system is being rebuilt on a programmable foundation and that the XRP Ledger is becoming the infrastructure for institutional capital activity, stating his aim to build treasury operations that match the opportunities.

Background of the Listing

Regarding the background of the listing, the company completed its merger with special purpose acquisition company (SPAC) Armada Acquisition Corp II on the 9th, and trading of the merged shares began on the 12th on Nasdaq under the ticker "XRPN." At the time of completion, it held approximately 473 million XRP (equivalent to 104.1 billion yen) and about 300 million dollars in cash before transaction costs.

On the other hand, the stock price has fallen over 16% in the past five days.

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