XRP News Today: Three Companies Allocate $471 Million to XRP for Treasury Reserves

Three publicly traded companies have announced plans to hold XRP as part of their treasury reserves, signaling a growing interest in cryptocurrency among traditional firms. Webus International aims to set aside $300 million in XRP, VivoPower plans to allocate roughly $121 million, and Wellgistics Health has earmarked $50 million for the cryptocurrency. This shift in strategy reflects a change in how some companies are thinking about keeping reserves and handling payments.

Webus International's plan involves raising $300 million through non-equity funding, utilizing its existing cash, credit lines backed by institutions, and support from shareholders. The company intends to purchase XRP with the funds and hold it as part of its treasury. Webus believes that XRP will facilitate global payment services by enabling quick value transfers across borders. Samara Alpha Management is partnering with Webus on this initiative.

VivoPower, another company embracing the XRP treasury strategy, has set aside about $121 million to build its own XRP stash. The funds were raised through a private placement led by Prince Abdulaziz bin Turki Abdulaziz Al Saud. VivoPower aims to rebrand itself as the world’s first company focused on XRP, indicating a significant role for the cryptocurrency in the firm's financial management and transactions.

Wellgistics Health, a healthcare company, has allocated $50 million for XRP, with the cash coming in last month. The company plans to use the funds for purchasing and holding XRP, as well as for real-time payments. Wellgistics believes that using XRP will eliminate delays and fees associated with traditional payment methods, allowing for faster money transfers when paying vendors or receiving payments from customers. This move highlights the growing interest in cryptocurrency even among non-tech and non-finance firms.

These companies are not alone in their interest in XRP. In December, Worksport announced plans to buy both XRP and Bitcoin, using 10% of its operating cash to build reserves. Ault Capital Group has also pledged $10 million to XRP this year to support its move into financial services. Additionally, the US government has mentioned XRP as one of the assets it might add to a digital asset stockpile, further validating the cryptocurrency's potential.

This growing interest among firms in holding XRP as part of their treasury reserves indicates a broader acceptance of cryptocurrency in traditional financial strategies. Companies are increasingly recognizing the benefits of using digital assets for payments and reserves, driven by the potential for faster transactions and lower fees. As more firms adopt this strategy, it could reshape the landscape of corporate treasury management and payment systems.