Despite the bans on Bitcoin (BTC) and cryptocurrencies in China, interest in BTC and altcoins remains high.
At this point, an important move came from a Chinese company.
Webus International Limited, a China-based company that provides AI-powered mobility solutions, will raise up to $300 million to create a Ripple (XRP) reserve for global payments.
According to the official statement, Webus announced that it plans to raise up to $300 million in non-capital financing to create an XRP reserve.
The company also said it has renewed its partnership with Tongcheng Travel Holdings Ltd., one of China's largest online travel platforms.
The $300 million funding strategy for the XRP reserve will consist of a mix of existing cash reserves, bank loans, shareholder guarantees, and institutional credit support from traditional banks.
However, the company did not specify a timeline for the XRP purchase.
Nan Zheng, Chief Executive Officer of Webus, said:
“These strategic developments have the potential to create strong synergies between our domestic and international operations,
“While our renewed partnership with Tongcheng strengthens our China network infrastructure, an XRP integration has the potential to revolutionize the way we handle cross-border payments for both partners and travelers worldwide.”
Webus’ statement comes a day after Nasdaq-listed energy company VivoPower International announced its $121 million strategy to establish its own XRP treasury.
*This is not investment advice.
