Webus International and XRP Treasury Plans
Webus International, a company based in China and specializing in AI-powered mobility solutions, is making strides in its treasury plans tied to XRP, as detailed in a recent filing to the Securities and Exchange Commission (SEC). On June 3, information disclosed by XRP attorney Bill Morgan revealed that Webus submitted a form 6-K outlining its commitment to establish an XRP treasury.
This formal action follows the firm’s previous announcement on May 29 about an initiative aimed at securing $300 million via non-equity financing, which is intended to bolster their strategic XRP reserves, thereby enhancing their cross-border payment systems.
Delegated Digital-Asset Management Agreement
The filing comes shortly after the company entered into a Delegated Digital-Asset Management Agreement, which they signed to create an organized framework for future operations related to digital assets, with a specific focus on XRP. CEO Nan Zheng emphasized that the intended XRP reserve could mitigate the challenges tied to conventional payment methods while facilitating a more efficient payment ecosystem.
Institutional Interest in XRP
In the broader context of institutional interest in XRP, Webus’s efforts reflect a growing confidence in the Ripple ecosystem. Concurrently, in a noteworthy development, the Dubai Financial Services Authority (DFSA) has sanctioned Ripple’s RLUSD stablecoin for utilization within the Dubai International Financial Centre, further enhancing Ripple’s development and market presence in the region.
Additionally, the Nasdaq-listed firm VivoPower International has recently unveiled its own plans for an XRP treasury with a notable $121 million private placement.
XRP Market Performance
Despite this surge in institutional engagement with XRP, the price of the token has remained relatively stable. Currently, XRP is trading at $2.25, showing a slight increase of 1.4% within the past day, indicating that while interest is growing, it has not yet significantly impacted the market price of the cryptocurrency.
