Vivopower International (VVPW), the company listed in NASDAQ moving to a digital digital digital play, have plans to put $ 100 million worth of XRP
Tokens to work.
The firm announced Wednesday that it cooperated with Layer-1 Blockchain Flare
To deploy $ 100 million XRP to produce yield in its treasury handling.
The initiative marks the first large-scale use of the Fassets system of Flare, which allows contract tokens that are not smart like the XRP to interact with decentralized financial protocols (DEFI), the press release said.
Vivopower plans to produce produce through flare-fashion protocols such as fire and reinvest income to expand XRP handling. The company said it would also accept the ripple firm of the ripple RLUSD Stablecoin as a cash equivalent reserve.
“It’s not enough to just handle the XRP; the duty of our shareholders is to make it productive,” CEO and Executive Chairman Kevin Chin said in a statement. “The adoption of Ripple’s Rlusd is a foundation of this approach, which provides stability and compliance with the next generation that this treasury requires.”
For Flare, the deal was a milestone of institutional validation, flare co-founder Hugo Philion taught. “Our system of fassets (…) is more than a bridge; it is a gateway that allows institutions to bring properties such as XRP to Defi environmental programs to produce yield, while maintaining their basic security,” he said.
Vivopower is part of the growing roster of public companies raising money to buy and add digital assets to their wealth, a playbook thanked by Michael Saylor’s (MSTR) strategy (MSTR) that has become the largest -handling of Bitcoin corporation
.
The company’s latest move came shortly after tapping BitGo’s over-the-counter desk for getting an initial $ 100 million trench of XRP tokens.
Vivopower said last month that it entered into an agreement for a $ 121 million private sharing placement, including funding led by Saudi Prince Abdulaziz bin Turki Abdulaziz Al Saud, Chairman of the Eleventh Holding Company, according to A Filing the SEC.
