Webus has obtained a $100 million credit line from Ripple Strategy for building XRP reserves.

Gate News bot message, the customized vehicle service platform Webus in China has signed a conditional securities purchase agreement with Ripple Strategy Holdings, obtaining a $100 million preferred equity credit line.

The $100 million commitment will be issued by the company at its discretion within 24 months after the registration statement becomes effective with the U.S. Securities and Exchange Commission (SEC) and receives approval from the company’s existing underwriters. Each withdrawal amount will be between $250,000 and $3 million, based on market conditions and capital needs.

Previously, Webus International planned to raise up to $300 million through non-equity financing to establish a global ride-hailing payment network’s XRP reserves.