VivoPower has formed a strategic partnership with Crypto.com for managing its digital assets, particularly focusing on XRP. The details of the agreement include not only asset custody but also enabling the trading of VivoPower shares.
VivoPower and Crypto.com Partnership
According to the official release, Crypto.com Custody will encompass VivoPower's digital assets, providing advanced security features and worldwide coverage.
As part of the partnership, VivoPower's shares will also be available for trading on the Crypto.com broker platform, simplifying the buying and selling process for both retail and institutional investors. Through Crypto.com, VivoPower will gain better liquidity for XRP and other tokens, as well as access to XRP restaking via Flare Networks.
VivoPower's XRP Strategy
This partnership is part of VivoPower’s strategy to acquire up to $121 million worth of XRP to build one of the first corporate XRP treasuries. Additionally, the company has agreed to spend $100 million on a deal with Flare Networks to utilize XRP in decentralized finance (DeFi) initiatives.
To facilitate this strategy, VivoPower teamed up with BitGo, which will serve as the sole OTC trading counterparty and provide custody for the purchased tokens.
Market Impact and Other Companies
This strategy is not unique; companies such as Nature’s Miracle are also establishing XRP treasury programs, showing increasing confidence in using XRP as a reserve asset. Similar initiatives are emerging in the market, reflecting a trend towards integrating digital assets into corporate strategies.
The partnership between VivoPower and Crypto.com highlights the growing interest of companies in integrating digital assets into their strategies. There are expectations that such initiatives will impact the market and create new opportunities for investors.
