International EV battery company to create $121M XRP treasury, adds former Ripple to board as chairman

VivoPower International announced connected May 28 that it had agreed with investors for a $121 cardinal backstage superior rise to money the company’s modulation into an XRP-focused treasury platform.

The institution focuses connected electrical batteries, vehicles, and star powerfulness solutions. Its subsidiary, Tembo, produces electrical vehicles focused connected “ruggedised electrical mobility” for the mining and concern sectors.

The transaction involves selling 20 cardinal mean shares astatine $6.05 each, exceeding the erstwhile marketplace adjacent of $6.04. His Royal Highness Prince Abdulaziz bin Turki Abdulaziz Al Saud led the round.

The offering includes information from organization integer plus investors, the concern bureau of VivoPower Chairman Kevin Chin, and different strategical stakeholders.

The funds volition beryllium utilized chiefly to accumulate XRP and make infrastructure that supports the XRP Ledger (XRPL) for real-world DeFi usage cases. VivoPower volition besides allocate superior to trim indebtedness and enactment firm operations.

The institution views the treasury arsenic complementary to the precocious announced Strategic Bitcoin Reserve and Digital Asset Stockpile initiatives by the US government, which reportedly includes XRP arsenic 1 of 5 halfway integer assets.

Board enlargement on $121M XRP treasury

Adam Traidman, a erstwhile Ripple committee member, has invested successful the circular and joined VivoPower’s committee of advisors arsenic chairman.

Traidman cited the spot of the XRPL ecosystem and said the determination reflects broader organization adoption of blockchain infrastructure.

Chairman Kevin Chin emphasized that VivoPower’s determination stems from firsthand acquisition with cross-border payments and the friction they create.

Chin said the institution sees applicable blockchain applications wrong its electrical conveyance unit, Tembo, and mining infrastructure arm, Caret Digital. Both subsidiaries are scheduled for spin-off by the extremity of the 3rd quarter.

The backstage offering is contingent upon shareholder approval, which volition beryllium sought astatine a gathering scheduled for June 18 oregon soon thereafter.

The woody besides requires fulfillment of customary conditions, including the lack of worldly adverse changes oregon termination of the acquisition agreements.

The station International EV artillery institution to make $121M XRP treasury, adds erstwhile Ripple to committee arsenic chairman appeared archetypal connected CryptoSlate.