First signing for Ripple in the US: investments exceeding $120 million❗
VivoPower International (VVPR), listed on Nasdaq, has raised a total of $121 million in funding to transition to a digital asset strategy focused on $XRP.
VivoPower International, which operates in the energy sector, announced on Wednesday that it raised $121 million in a private placement of shares for a strong entry into the digital asset space. The company raised a total of $121 million in capital by selling 20 million shares at a price of $6.05 per share in a funding round led by Saudi Prince Abdulaziz bin Turki bin Abdulaziz Al Saud.
VivoPower, which will focus on the #Ripple blockchain #XRP Ledger, also appointed former SBI Ripple Asia Executive Director Adam Traidman as the chair of its advisory board. With this move, the company aims to become the first public company to create a treasury of digital assets focused on XRP.
Recently, many public companies have started to diversify their assets by adding digital assets to their treasury. While MicroStrategy leads this trend with Bitcoin (BTC), companies like Solana (SOL) and Ethereum (ETH) are also being considered as turning to alternative cryptocurrencies. VivoPower wants to make changes in this area by strategically adopting XRP.
Prince Abdulaziz bin Turki bin Abdulaziz Al Saud stated that they have been investing in the digital asset sector for about ten years and added the following:
«After studying many public companies, we chose VivoPower because of its strategic focus on XRP and its goal to contribute to the XRPL ecosystem. XRP is an important part of our long-term investment strategies.»
Shares of VivoPower rose by 26% during the day after the news and are currently trading at $6.75 with an increase of approximately 11%.
