Chinese Firm Files $300M XRP Plan with SEC. What’s Going On?

Webus International Limited, a company that offers AI-driven mobility solutions, has filed Form 6-K with the U.S. Securities and Exchange Commission (SEC) to inform the regulator about its intention to set up an XRP treasury

As reported by U.Today, the Hangzhou-based firm initially announced the plan last week.

On Monday, the firm signed an agreement with US-based investment advisor Samara Alpha Management that has set the framework for its future crypto operations

The initiative is meant to support instant international payments for its chauffeur services as well as booking programs. This essentially means that the XRP token will be integrated into the company's business model

The plan has now been formalized with the SEC, but it is worth noting that no final decision has been made

Webus International, which provides AI-powered mobility solutions across various international destinations, went public on the Nasdaq in February, raising a total of $8 million during its IPO

As reported by U.Today, publicly traded sustainable energy company VivoPower announced its plan to build a $121 million reserve centered around the Ripple-linked cryptocurrency. On Tuesday, BitGo confirmed that it would facilitate the initial $100 million investment in the cryptocurrency

The recent developments show that some companies are now willing to go beyond Bitcoin and Ethereum when it comes to creating their strategic reserves. However, it remains to be seen whether this will be a broader trend