Vivopower (VVPR) raises $ 121m for XRP Crypto Treasury Strategy with backing Saudi
Vivopower International (VVPR), a company listed in NASDAQ listed in Nasdaq, Says On Wednesday it gained $ 121 million in a private sharing to fund its pivot to Digital Asset Treasury dedicated to XRP
The fourth largest cryptocurrency by market capitalization.
The increase was led by Saudi Prince Abdulaziz bin Turki Abdulaziz Al Saud, who invested $ 100 million, a spokesman for the company told CoinDesk. The company sells 20 million ordinary shares worth $ 6.05 per part.
Adam Traidman, a former Ripple executive who led SBI Ripple Asia, joined the company as chairman of the advisor board, according to a press release. Ripple is a business -focused blockchain service provider closely associated with XRP Ledger.
Vivopower shares have increased by almost 26% in the news before returning some of the gains. Recently, they were more than 11%, trading around $ 6.75.
Moving is the latest example of public companies that raise money to buy and add digital assets to their wealth, a playbook thanked Michael Saylor’s approach (MSTR) who has become the largest Bitcoin corporate holder
. While the BTC is the most sought after belonging to these firms, recent newcomers Defi Development and Sharpink gaming Taught their focus on Solana’s Sol and Ethereum’s Ether, respectively.
Vivopower, founded in 2014, aims to be the first company to be publicly exchanged with a Crypto Treasury approach centered around the XRP. It also plans to spin its inheritance business.
“After reviewing a number of listed vehicles that hold to embrace a digital model of asset treasury, we chose Vivopower that was given a strategic focus on the XRP and its goal to contribute to the development of the XRPL ecosystem,” Prince Abdulaziz said in a statement. “We have been investors in the digital asset sector for a decade and have been long -term XRP holders.”
Read more: Dubai opens a real estate tokenization platform on XRP Ledger in the middle of $ 16B initiative
