By Ateev Bhandari and Arasu Kannagi Basil

(Reuters) -Evernorth, a new crypto venture backed by digital asset firm Ripple, said on Monday it will list on the Nasdaq through a merger with blank-check firm Armada Acquisition Corp II and is expected to raise more than $1 billion in proceeds.

The digital asset treasury will focus on accumulating XRP, a token linked to Ripple and the fifth-largest cryptocurrency by market cap, according to data from CoinGecko.

The move comes months after Wall Street’s top regulator ended a high-profile crypto lawsuit, which accused Ripple of selling unregistered securities to institutional investors.

Under a crypto-friendly Trump administration, Ripple is looking to scale institutional adoption and presence of the XRP token in capital markets.

The deal, exp

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