Chinese Firm Webus' Stock Jumps After Filing With SEC for $300M XRP Strategic Reserve

CoinDesk
CoinDesk
XRP-2,32 %

China-based Webus International (WETO) filed a Form 6-K with the U.S. Securities and Exchange Commission on Tuesday with plans to build a $300 million XRP-focused corporate treasury.

The filing follows an earlier May announcement by the firm, which aims to fund the initiative using loans and credit facilities rather than new share issuances.

Webus plans to integrate Ripple’s payment network into its business, aiming to streamline cross-border payments and improve booking transparency across its global chauffeur services.

The announcement follows VivoPower International’s plans to build a $121 million XRP treasury, indicative of growing interest from corporations in the fourth-largest token by market cap.

The financing plan is non-binding and subject to final agreements and due diligence.

The provider of customizable car and touring services for travelers worldwide added that it was renewing a partnership with Tongcheng Travel Holdings, one of China’s largest online travel agencies, to extend their “Wetour x Tongcheng” charter lines, stating they would aim to use the XRP Ledger to settle cross-border rides and driver payouts.

XRP is up 2% in the past 24 hours, alongside muted gains in the broader crypto market. Meanwhile, the Nasdaq-listed firm's shares rose about 9% in early trading on Wednesday.

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