Trident to establish an XRP reserve worth up to $500 million

Trident, a Nasdaq-listed digital technology company based in Singapore, has announced a plan to raise up to $500 million to accumulate XRP.

On the 12th (local time), StreetInsider reported, "Trident announced an initiative to raise up to $500 million to establish an XRP reserve and appointed Chaince Securities LLC as its strategic advisor."

Trident explained that "this plan aims to accumulate XRP as a long-term holding asset and to expand its presence in the DeFi (decentralized finance) sector through collaboration with the Ripple ecosystem." They also plan to utilize the secured XRP as a means of generating income, including staking.

Meanwhile, the company stated that it intends to raise funds through its own stock issuance, strategic partnerships, and structured finance, and is currently in discussions with several blockchain infrastructure companies and institutional investors. The initial XRP acquisition-related operations are expected to commence in earnest in the second half of this year.

Soon Huat Lim, founder and CEO of Trident, said, "We believe decentralized financial assets will play an important role in global capital allocation and cross-border remittances."