Webus International Limited, offering luxury chauffeur services powered by AI, has signed a $100 million agreement with Ripple Strategy Holdings to expand the use of cryptocurrency XRP.
Deal Details
The agreement allows Webus to borrow money over two years, contingent on certain conditions such as approval from the U.S. Securities and Exchange Commission (SEC) and their current underwriter. According to the press release, the firm can borrow amounts ranging from $250,000 to $3 million at a time, depending on their needs and market conditions.
Goals and Prospects
The funds will assist Webus in increasing its use of XRP for payments, loyalty programs utilizing blockchain technology, and expanding into North America and Asia-Pacific markets. This will also help them lead in using cryptocurrency for premium transportation services.
Requirements and Conditions
The deal requires SEC approval for a resale registration statement and obtaining written consent from Webus’s main underwriter. This setup indicates that Webus is serious about employing cryptocurrency and blockchain technology to enhance its high-end chauffeur services while being cautious about managing its finances.
The signing of the $100 million agreement with Ripple emphasizes Webus International's strategic approach to integrating cryptocurrency into its business models, confirming its intent to lead in premium transport service offerings.
