Chinese company Webus International has submitted a 6-K filing with the SEC, considering the creation of an XRP reserve to support its international financial solutions.
Webus International and XRP Reserve
Webus International, based in China, filed a 6-K form with the U.S. Securities and Exchange Commission indicating a potential creation of a reserve based on XRP token from Ripple. The Nasdaq-listed company aims to secure financing of up to $300 million to establish an XRP reserve to facilitate international payments.
Partnership with Samara Alpha Management
In pursuing its strategy to create an XRP treasury, Webus has teamed up with investment advisor Samara Alpha Management. This partnership aims to incorporate Ripple’s blockchain technology into the company’s operations, enhancing transaction processing and increasing transparency in travel and hospitality booking services.
Trends Among Companies Utilizing Cryptocurrencies
The filing comes in concert with a trend among public companies that have begun accumulating cryptocurrencies in their treasuries. Similar to the Strategy company, which has rapidly amassed Bitcoin assets, other companies are also adapting successful practices for XRP. For example, Wellgistics announced in May the addition of millions of dollars worth of XRP for their payment infrastructure, and last week, VivoPower International disclosed plans to create a $121 million XRP treasury.
Webus International is not alone in exploring the potential of cryptocurrency reserves. Successful examples from other organizations highlight the growing interest from companies in blockchain-related assets.
