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Despite the bans on Bitcoin ($BTC) and cryptocurrencies in China, interest in $BTC and altcoins remains high.
At this point, an important move came from a Chinese company.
Webus International Limited, a China-based company that provides AI-powered mobility solutions, will raise up to $300 million to create a Ripple ($XRP) reserve for global payments.
According to the official statement, Webus announced that it plans to raise up to $300 million in non-capital financing to create an $XRP reserve.
The company also said it has renewed its partnership with Tongcheng Travel Holdings Ltd., one of China's largest online travel platforms.
The $300 million funding strategy for the $XRP reserve will consist of a mix of existing cash reserves, bank loans, shareholder guarantees, and institutional credit support from traditional banks.
However, the company did not specify a timeline for the $XRP purchase.
Nan Zheng, Chief Executive Officer of Webus, said:
“These strategic developments have the potential to create strong synergies between our domestic and international operations,
“While our renewed partnership with Tongcheng strengthens our China network infrastructure, an $XRP integration has the potential to revolutionize the way we handle cross-border payments for both partners and travelers worldwide.”
Webus’ statement comes a day after Nasdaq-listed energy company VivoPower International announced its $121 million strategy to establish its own $XRP treasury.
*This is not investment advice.