A cryptocurrency is gaining a ton of support — here's what to know about XRP.
Several major crypto and finance companies, including the newly created Evernorth Holdings Inc. and the special purpose acquisition company Armada Acquisition Corp. II, are teaming up to support a digital asset, according to The Block.
XRP was created by the founders of Ripple Labs in 2012. It was designed for fast, inexpensive cross-border payments and has skyrocketed in popularity over the past decade. Unlike many other cryptocurrencies, like bitcoin and ethereum, XRP uses a unique consensus protocol that forgoes competitive mining or staking. It uses server validators to confirm transactions, which is more energy-efficient.
"Evernorth is built to provide investors more than just exposure to XRP's price," Evernorth CEO Asheesh Birla said, per The Block. "… This approach is designed to generate returns for shareholders while supporting XRP's utility and adoption."
The company will trade on the Nasdaq Stock Market under the ticker XRPN.
While the environmental impact of cryptocurrency mining has drawn concern, XRP's consensus model is significantly more energy-efficient. Still, other mining mechanisms, like bitcoin's proof-of-work, require vast amounts of water and energy. Mining a single bitcoin uses around 1,200 kilowatt-hours, which is "equivalent to the power consumption of an average U.S. household over 42.86 days," according to Digiconomist.
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Annually, bitcoin mining produces a carbon footprint comparable to entire countries, which is why switching to more sustainable mining models, like proof-of-stake, is essential for climate-friendly cryptocurrency. When ethereum switched from proof-of-work to proof-of-stake, EY reported a "99.95% reduction in ethereum's energy [consumption] after the switch to proof-of-stake."
Stuart Alderoty, chief legal officer for Ripple, is optimistic about XRP's future.
"XRP has clear regulatory standing in the U.S., and it's no surprise that companies like [Evernorth] are looking to focus on XRP," Alderoty said, per The Block.
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