XRP is gaining popularity on Nasdaq as Vivopower launches an XRP treasury plan with support from Saudi Arabia.
$XRP breaks into institutional finance as Vivopower launches an XRP treasury strategy, allocating $121 million to support the growth of XRPL with support from Saudi Arabia.
The Nasdaq-listed company Vivopower launches a treasury strategy $XRP with support from the Saudi royal family
Vivopower International PLC (Nasdaq: VVPR) announced on May 28 the launch of an innovative initiative to create the world's first public digital asset list focused on XRP. The company detailed its strategic pivot alongside the completion of a private placement amounting to $121 million, organized by His Royal Highness Prince Abdulaziz bin Turki Abdulaziz Al Saud of Saudi Arabia.
Emphasizing its role in promoting decentralized finance, Vivopower stated:
Vivopower is believed to be the world's first public company to launch a digital asset treasury strategy focused on XRP, which also encompasses contributions to the development of the XRPL ecosystem for real decentralized finance blockchain solutions.
Prince Abdulaziz explained his support for Vivopower's unique vision and long-term potential: "We have been investing in the digital asset sector for ten years and have long been holders of XRP. After reviewing a number of registered companies seeking to adopt the digital asset treasury model, we chose Vivopower, considering its strategic focus on XRP and its commitment to contribute to the development of the XRPL ecosystem."
He added: "It is an honor for us to lead this capital raising for a company that will be the first in the world to implement a treasury strategy focused on XRP. After meeting with President Trump and his leadership team during their recent visit to Saudi Arabia, we believe the time has come for the adoption of digital assets and blockchain technologies in the Kingdom, and we are pleased to assist Vivopower in this direction."
Vivopower indicated that a substantial part of the received funds will be directed towards the purchase and storage of XRP:
The company intends to use a significant portion of the raised funds to accumulate XRP and create its XRP-focused treasury operations, as well as to contribute to and invest in the XRPL DeFi ecosystem.
"The raised funds will also be used to reduce debt and for general corporate purposes," the company noted. Adam Trademan, a former board member of Ripple and now the chair of Vivopower's Advisory Council, highly praised the initiative: "Vivopower's initiative to become the first public company with a treasury strategy focused on XRP is a visionary step that reflects the growing institutional confidence in real blockchain applications. I look forward to contributing to the company's efforts to scale its XRP presence."
