Evernorth, Backed by Ripple, Targets $1 Billion SPAC Merger

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

XRP-1.743%

OP-4.041%

Source: Coinmarketcap

Updated: Oct 21 2025

Evernorth's Merger Plans: Evernorth is set to merge with Armada Acquisition Corp II in a $1 billion SPAC deal, aiming to enhance XRP liquidity through significant capital infusion for open-market purchases.
Leadership and Strategic Focus: The initiative is led by Asheesh Birla, Evernorth's CEO, with David Schwartz, Ripple's CTO, advising, emphasizing a commitment to financial inclusion and institutional adoption of cryptocurrency.
Positive Market Sentiment: The crypto community has reacted positively to the merger news, leading to price gains and increased social media activity around XRP, indicating a favorable shift in market sentiment.
Regulatory Implications: The merger and Ripple's ongoing legal developments with the SEC may create a positive regulatory environment, potentially attracting more institutional investors to XRP and enhancing its market viability.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

Evernorth, Backed by Ripple, Targets $1 Billion SPAC Merger

About the author

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