Web International Limited, listed on the New York Stock Exchange, announced that it has signed a major credit line agreement with Ripple Strategy Holdings for up to 100 million USD. According to the press release, this funding will be used as part of Web's strategy to increase its reserves of Ripple currency ($XRP ).
Web operates as a provider of AI-powered mobility solutions, offering globally customizable luxury driver services. CEO Nan Cheng stated that the credit line reflects Web's confidence in its growth strategy based on Ripple currency. Cheng added, "This credit facility, valued at 100 million USD, reduces the impact of declining shareholder equity, as it allows us to raise capital only when needed, in our pursuit to accelerate our growth in North America and the Asia-Pacific region."
Under the agreement, the company will be able to use the funds in installments ranging from 250,000 USD to 3 million USD, depending on market conditions and capital needs, under the credit line that lasts for 24 months. This structure is designed to be favorable to shareholders, with competitive market-based pricing and risk protection features.
It was announced that the raised funds will be used for payments backed by currency #الريبل ($XRP ), blockchain-based loyalty programs, and other global expansion initiatives.
Following this announcement, Web,us shares rose by 87%, but then retreated from some of these gains. $XRP
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