China-based Webus International (WETO) has submitted a Form 6-K to the U.S. Securities and Exchange Commission, revealing plans to create a $300 million corporate treasury centered around XRP. This initiative marks a significant move as the firm intends to finance the reserve through loans and credit facilities rather than issuing new shares. Following a similar announcement from VivoPower International about a $121 million XRP treasury, the growing corporate interest in XRP is evident.
Webus aims to employ Ripple's payment network to enhance cross-border payment processes and improve booking clarity for its global chauffeur offerings. The company is also renewing its partnership with Tongcheng Travel Holdings to further their “Wetour x Tongcheng” charter lines, with plans to utilize the XRP Ledger for international rides and driver payments. Following the announcement, XRP saw a 2% gain within 24 hours, even as the broader crypto market remained steady. Webus's shares experienced a notable rise of about 9% in early Wednesday trading, reflecting positive investor sentiment.
Webus aims to employ Ripple's payment network to enhance cross-border payment processes and improve booking clarity for its global chauffeur offerings. The company is also renewing its partnership with Tongcheng Travel Holdings to further their “Wetour x Tongcheng” charter lines, with plans to utilize the XRP Ledger for international rides and driver payments. Following the announcement, XRP saw a 2% gain within 24 hours, even as the broader crypto market remained steady. Webus's shares experienced a notable rise of about 9% in early Wednesday trading, reflecting positive investor sentiment.
