Bloomberg: Ripple Labs plans to lead $1 billion fundraising to build XRP reserve strategy

Ripple Labs Inc. is leading a fundraising effort to raise at least $1 billion to accumulate XRP, the company's digital token, a sign that recent market turmoil hasn't deterred the cryptocurrency giant from pursuing its business plans. People familiar with the matter said the funds will be deposited into a newly established digital asset treasury (DAT). Some of the people familiar with the matter said the funds will be raised through a special purpose acquisition company (SPAC), and Ripple Labs may invest some of its own XRP.