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Adam Forsyth

Ripple bought a bank in pieces. The $4 billion audit

While the market watched the token, the company spent $4 billion assembling what it was never granted: custody, prime brokerage, corporate treasury, and payment rails, acquisition by acquisition. This is the audit of what the money bought, what it earns, and the uncomfortable question the empire answers about XRP. Summary Between 2023 and 2025, Ripple…

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