VivoPower to Deploy $100M in XRP on Flare, Add Ripple USD for Treasury Operations

VivoPower International (VVPW), the Nasdaq-listed institution transitioning into a integer plus treasury play, has plans to enactment $100 cardinal worthy of XRP XRP tokens to work.

The steadfast announced Wednesday it has partnered with layer-1 blockchain Flare FLR to deploy $100 cardinal XRP to make output connected its treasury holdings.

The inaugural marks the archetypal large-scale usage of Flare’s FAssets system, which enables non-smart declaration tokens similar XRP to interact with decentralized concern (DeFi) protocols, the property merchandise said.

VivoPower plans to make output done Flare-native protocols specified arsenic Firelight and reinvest the income to grow its XRP holdings. The institution said it volition besides follow outgo steadfast Ripple's RLUSD stablecoin arsenic its cash-equivalent reserve.

"It’s nary longer capable to simply clasp XRP; the work to our shareholders is to marque it productive," CEO and enforcement president Kevin Chin said successful a statement. "Adopting Ripple’s RLUSD is simply a cornerstone of this strategy, providing the stableness and compliance this next-generation treasury demands."

For Flare, the woody is simply a milestone of organization validation, Flare co-founder Hugo Philion pointed out. "Our FAssets strategy [...] is much than conscionable a bridge; it’s a gateway that allows institutions to bring assets similar XRP into programmable DeFi environments to make yield, each portion retaining their cardinal security," helium said.

VivoPower is portion of the increasing roster of nationalist firms raising wealth to acquisition and adhd integer assets to their treasuries, a playbook popularized by Michael Saylor's Strategy (MSTR) that has go the largest firm holder of bitcoin BTC.

The firm's latest determination comes soon aft tapping BitGo's over-the-counter trading table for acquiring an archetypal $100 cardinal trench of XRP tokens.

VivoPower past period said that it entered into an statement for a $121 cardinal backstage stock placement, with the fundraising led by Saudi Prince Abdulaziz bin Turki Abdulaziz Al Saud, president of Eleventh Holding Company, according to a SEC filing.