Bloomberg: Ripple Labs plans to lead $1 billion in funding to build XRP reserve strategy

PANews, October 17, Bloomberg reported that Ripple Labs Inc. is leading the effort to raise at least $1 billion to hoard XRP, the digital token associated with the company, indicating that recent market turmoil has not stopped the cryptocurrency giant from fully advancing its business plans. According to people familiar with the matter, the funds will be deposited into a newly established digital asset treasury (DAT). Some people familiar with the matter said that the funds will be raised through a special purpose acquisition company, or SPAC, and Ripple Labs may invest some of its own XRP.
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