Evernorth Appoints Ex-Coinbase Exec to Manage $473M XRP Treasury

Evernorth Taps Coinbase Veteran for XRP Treasury Role

Evernorth, a financial services firm focused on digital assets, announced the appointment of Hanif Joosub as Head of Treasury. Joosub previously held a senior investment role at Coinbase, bringing experience in digital asset management to Evernorth as the company prepares for its Nasdaq debut.

$473 Million XRP Under Management

Joosub will be responsible for managing Evernorth’s substantial XRP holdings, currently valued at approximately $473 million. The company intends to actively utilize these assets, rather than hold them passively.

Strategies for XRP Deployment

Evernorth outlined plans to deploy its XRP treasury through a range of strategies. These include lending activities, providing liquidity to XRP markets, and seeking yield-generating opportunities. The firm did not specify the weighting of each strategy at this time. This active management approach aims to maximize returns on the XRP holdings and contribute to the overall financial performance of Evernorth.

Nasdaq Listing on the Horizon

The appointment and treasury strategy are occurring in parallel with Evernorth’s preparations for a public listing on the Nasdaq stock exchange. A successful listing could provide increased access to capital and greater visibility for the firm within traditional financial markets. The company believes a proactive approach to its XRP treasury will be viewed favorably by potential investors.

Source: The Block