Singapore’s Trident to Invest $500M in XRP Treasury Strategy

Trident, a Singapore-based technology company, is planning to raise $500 million to acquire XRP. This is the firm’s opportunity to establish its XRP Treasury strategy. It is worth noting that the XRP price has not registered a notable increase since this development.

The Ripple-linked coin was traded at $2.24, corresponding with a 3.33% dip in the last 24 hours per CoinMarketCap data. 

Trident Demonstrates Confidence in Blockchain Technology

The Nasdaq-listed Trident announced the move, hinting that this ambitious XRP plan will serve as the company’s long-term strategic reserves. According to the schedule, the rollout will kick off in the second half of the year and will be highly dependent on factors like market sentiment and regulatory compliance. 

It is worth noting that Trident decided to follow this path based on its recent stance on blockchain technology. The company’s CEO, Soon Huat Lim, has expressed the company’s belief in blockchain technology’s transformative potential.

XRP Records Increased Institutional Interest

More so, there has been so much attention, especially from institutional investors, on XRP in the last few weeks. 

The coin has suddenly become quite attractive to users who are willing to go beyond Bitcoin investments. A few days ago, Chinese AI-focused automotive firm Webus International indicated its interest in owning an XRP Treasury plan. 

To this end, it filed a $300 million XRP treasury plan with the U.S. Securities and Exchange Commission (SEC). Similarly, VivoPower announced its intention to deploy $100 million in the coin via the Flare blockchain network. 

There are more such capital deployments to XRP, including the $50 million fund from Wellgistic.

XRPL Sees Slowdown in Activity

In the same ecosystem, the XRPL has not been gaining enough traction recently like XRP. 

A week ago, BitcoinLinux reported a slowdown of activity within the decentralized blockchain network. For context, there are fewer transactions and less overall network usage. Transactions fell to 320,747, marking the lowest level the ledger has seen since October last year. 

According to XRPScan, fewer people use the network, with active addresses dropping below 10,000. Widely recognized for its speed and low-cost transaction fees, this outlook is a surprise considering that XRPL started the year with so much excitement. 

The post Singapore’s Trident to Invest $500M in XRP Treasury Strategy appeared first on BitcoinLinux.com.