David Schwartz’s Transition from Ripple to Evernorth: A New Chapter in the XRP Ecosystem
In a significant career move, David “JoelKatz” Schwartz, the former Chief Technology Officer of Ripple, has announced his new role as a strategic advisor for Evernorth. This venture, which focuses on enhancing the XRP ecosystem, is spearheaded by Asheesh Birla, a former Ripple executive. Schwartz commented, “I’ve promised an update on my next adventure, and here it is: I’m joining Evernorth as a strategic advisor under my friend Asheesh Birla’s leadership.” He elaborated that Evernorth was established to leverage XRP’s potential in decentralized finance (DeFi) and capital markets, thereby expanding the entire XRP ecosystem. “I’m thrilled to begin this journey!” he added.
The Ripple Connection and Evernorth’s Public Offering
Schwartz’s announcement coincides with Evernorth’s disclosure of its business combination agreement with Armada Acquisition Corp II, aiming for a public listing on Nasdaq. This new entity plans to trade under the ticker symbol ‘XRPN,’ contingent on meeting Nasdaq’s listing requirements. The venture seeks to raise over $1 billion in gross proceeds, with a $200 million commitment from Japan’s SBI. The funds will primarily be used for open-market XRP purchases, positioning Evernorth as the largest public treasury holding XRP.
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The Birla-Schwartz Legacy
The professional relationship between Birla and Schwartz is well-established. Birla joined Ripple in 2013, eventually becoming the General Manager of RippleNet, which focuses on cross-border payments, before transitioning to the company’s board in 2022. Upon his departure from Ripple, Birla remarked, “After nearly nine remarkable years, I’ve decided to step down from my day-to-day role at Ripple. Fortunately, I’m not going far, as I am joining the Board of Directors.” In launching Evernorth, Birla announced his resignation from Ripple’s board to focus on leading this new venture.
Schwartz’s Evolving Role
Schwartz’s advisory position at Evernorth aligns with his shift away from Ripple’s executive suite. Earlier this month, he announced his plan to step down as Ripple’s CTO at the end of the year, after more than a decade of service, though he will continue to be involved with Ripple’s board and the XRP Ledger community. He expressed a desire to spend more time with his family while remaining connected to the XRP network.
Evernorth’s Strategic Vision
Evernorth has laid out an expansive blueprint for its capital markets strategy, aiming to use its significant resources to accumulate XRP and enhance its value per share over time. The company plans to lend to institutions, provide market liquidity, and invest in XRP-based DeFi initiatives. The strategic plan includes running XRPL validators, utilizing Ripple’s RLUSD stablecoin as a gateway to XRP DeFi, and supporting diverse projects across payments, capital markets, and tokenized assets. This positions Evernorth as both a treasury vehicle and a catalyst for development.
Ripple is expected to participate as a strategic investor, with Ripple executives like Brad Garlinghouse, Stuart Alderoty, and David Schwartz providing advisory support while maintaining Evernorth’s independent governance. The company aims to establish itself as an active, yield-generating public entity with a strong XRP foundation, deliberately avoiding a passive ETF approach. If shareholder and regulatory approvals are obtained, the transaction is expected to close in the first quarter of 2026, converting non-redeemed AACI Class A shares into Evernorth shares.
Future Prospects for Schwartz
Schwartz hinted at more XRP-aligned ventures following his transition from the CTO role, suggesting that his involvement with Evernorth is just the beginning. He remains committed to participating in both XRPL and Ripple at the board level, with his advisory role at Evernorth adding a new dimension to his activities within the XRP community.
At the time of writing, XRP is priced at $2.42.
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