The VivoPower listed on the Nasdaq Stock Exchange has achieved a major teacher by becoming the first public company to create a treasury focusing on XRP. To start this initiative, the company has already raised up to $ 121 million, which it will use to get altcoin.
Vivopower to launch the XRP cabinet
in press releaseVivopower has announced the XRP digital assets strategy, which will include contributing to building the XRPL for non -central financing blockchain solutions in the real world.
The company issued this announcement, noting that Altcoin could be one of the five digital assets that the United States government will accumulate as part of the strategic Bitcoin reserves and the stock of the digital assets announced by Donald Trump months ago.
As part of this step to create this cabinet, Vivopower revealed that it raised $ 121 million through a special situation, as investors bought a total of 20 million ordinary shares at $ 6.05 per share.
The company stated that His Royal Highness, Prince Abdulaziz bin Torky Abdulaziz Al Soud, President of the Eleven Holding Company in the Kingdom of Saudi Arabia, led the special offer. Meanwhile, a number of other encryption investors also participated in this donation collection.
This step comes to launch the XRP wardrobe just as companies continue to explore Altcoins as a backup asset. As said Coingaa, the Sharplink Gaming collected $ 425 million to buy ETAREUM. Sol Strategies also provided a $ 1 billion rack bulletin for future Solana investments.
Commenting on this step, His Royal Highness, Prince Abdul Aziz bin Turki Abdul Aziz, said
We were investors in the digital assets sector for a decade of time and we were long -term in XRP. After reviewing a number of listed vehicles that seek to adopt the digital assets cabinet model, we chose VivoPower due to its strategic focus on XRP and its goal in contributing to building the XRPL environmental system.
Plan for the Fund
VivoPower mentioned that it intends to use the majority of money from the special offer for XRP accumulation and the creation of its cabinets. Some money will also be used to contribute to the XRPL Defi ecosystem.
However, the closure of the special offer is still subject to satisfaction with some conditions. One of them is the approval of VivoPower shareholders at a meeting to be held on June 18 or about 18 June.
As part of this strategic step, Adam Traidman, a former member of the Ripple Board of Directors and the founder of Crypto, will invest in the offer of consultants at VivoPower and join the Chairman of the Vivopower Board as its Chairman.
The price of XRP decreased in this news, as it was circulated by about $ 2.25. Altcoin has decreased more than 3 % in the past 24 hours, as part of the wider encryption market correction, led by Bitcoin.
Boluwatife Adeyemi
Boluwatife Adeyemi is a writer and editor of encryption news that covered topics that exceed many topics and ports. Boluwatife has a talent to simplify the most technical concepts and make it easy for the novice encoded. Away from writing, he is a fan of thirsty basketball, traveler and part -time.
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