Wellgistics Health, a pharmaceutical distribution company in the US, has announced its intent to start accepting XRP as a payment method, made possible by a secured $50 million line of credit.
Integration of XRP into Payment System
Wellgistics Health stated that the funds secured through LDA Capital will be directed towards creating a financial infrastructure that allows the national healthcare network to transition to using blockchain for payments. CEO Brian Norton noted that the new system will connect manufacturers to pharmacies and patients, eliminating bureaucratic red tape in healthcare. Norton stated:
> "Our blockchain-enabled payment system and ledger is just the next logical step in healthcare evolution, allowing us to hardwire speed, liquidity, and transparency into a system that’s long been starved of all three."
XRP as a Reserve Asset
Additionally, Wellgistics Health plans to make XRP its treasury reserve asset. Although the company did not specify how this would be achieved, this decision marks a significant step, making it the first publicly traded company to adopt XRP as a reserve asset officially. Wellgistics evaluated the benefits of XRP, including its speed, transparency, and global reach, making it a suitable choice for asset reserving practices.
Overall XRP Market Situation
In light of these announcements, XRP has shown a strong gain of over 8% in the last 24 hours. This is linked to the recent settlement of the SEC lawsuit against Ripple, where Ripple will pay $50 million. This agreement is expected to be finalized in the coming weeks, potentially strengthening XRP's market positions.
Wellgistics Health is making a significant move toward integrating blockchain technologies into healthcare by starting to accept XRP for payments and introducing it as a reserve asset. These actions may have important implications for both the company and the broader cryptocurrency ecosystem.
