Nasdaq-listed VivoPower has achieved a significant milestone by turning into the primary public firm to create an XRP-focused Treasury. To kickstart this initiative, the corporate has already raised as much as $121 million, which it should use to accumulate the altcoin.
VivoPower To Launch XRP Treasury
In a press release, VivoPower introduced an XRP-focused digital asset Treasury Strategy, which is able to embody the contribution to constructing out the XRPL ecosystem for real-world decentralized finance blockchain options.
The firm made this announcement whereas noting that the altcoin might be one of many 5 digital property that the US authorities will accumulate as a part of the Strategic Bitcoin Reserve and Digital Asset Stockpile that Donald Trump introduced months in the past.
As a part of the transfer to create this treasury, VivoPower revealed that it has raised $121 million by way of a non-public placement, with buyers shopping for an combination of 20 million peculiar shares at $6.05 per share.
The firm acknowledged that His Royal Highness, Prince Abdulaziz bin Turki Abdulaziz Al Saud, Chairman of Eleventh Holding Company in Saudi Arabia, spearheaded the personal providing. Meanwhile, numerous different crypto buyers additionally participated on this fundraising.
This transfer to launch the XRP treasury comes simply as corporations proceed to discover altcoins as a reserve asset. As CoinGape reported, Sharplink Gaming raised $425 million to purchase Ethereum. Sol Strategies additionally filed a $1 billion shelf prospectus for future Solana investments.
Commenting on this transfer, His Royal Highness, Prince Abdulaziz bin Turki Abdulaziz Al Saud, mentioned,
We have been buyers within the digital asset sector for a decade and have been long-term holders of XRP. After reviewing numerous listed automobiles searching for to embrace a digital asset treasury mannequin, we chosen VivoPower given its strategic deal with XRP and its goal to contribute to constructing out of the XRPL ecosystem.
Plans For The Fund
VivoPower acknowledged that it intends to make use of the vast majority of the funds from the personal providing to build up XRP and set up its treasury operations. Some of the funds may also be used to contribute to and put money into the XRPL DeFi ecosystem.
However, the closing of the personal providing remains to be topic to the satisfaction of sure situations. One is the approval from VivoPower’s shareholders at a gathering which is able to maintain on or round June 18.
As a part of this strategic transfer, Adam Traidman, a former Ripple board member and crypto founder, will put money into the providing and be a part of VivoPower’s Board of Advisors as its Chairman.
The XRP price is down amid this information, buying and selling at round $2.25. The altcoin is down over 3% within the final 24 hours, as a part of a broader crypto market correction, led by Bitcoin.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto information author and editor who has coated subjects that minimize throughout a number of subjects and niches. Boluwatife has a knack for simplifying essentially the most technical ideas and making it straightforward for crypto newbies to know. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
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