Webus submits an application for $ 300 million for the XRP trasure plan for the SEC
The Chinese mobility and hospitality company Webus International Limited (NASDAQ: WETO) has submitted a form 6-K to the US stock exchange supervisory authority (Sec). The company plans to apply up to $ 300 million for a comprehensive XRP trasure strategy and the integration of ripple payments.
The submission describes an ambitious, non-watering financing plan for building a special XRP reserve. Instead of spending new shares, the company will try to raise $ 300 million through a mixture of bank loans, shareholder guarantees, institutional credit lines and its own barres reserves. In this way, the value for shareholders is preserved and at the same time the capital is provided that is required to implement a multi-track blockchain strategy.
The centerpiece is the creation an extensive XRP reserve that is managed in collaboration with Samara Alpha Management LLC. The agreement creates a solid institutional framework for the administration of up to $ 300 million in XRP. At the moment, however, no assets are being transferred – a sign of a careful, gradual procedure. This enables webus to act if the market conditions are optimal. The mandate is only activated when the funds are transferred to the walled wallets to ensure prudent risk management.
Webus integrates ripple payments
Webus will integrate Ripple's blockchain-based payment technology into its mobility and hospitality activities and thus wants to revolutionize the handling of cross-border billing, driver's payouts and customer refunds. The company wants to use the speed and low transaction costs of XRP to avoid problems with currency conversion and enable immediate, transparent payments for its global network of chauffeurs, travel partners and customers.
The CEO of Webus, Nan Zheng, described the initiative as a way to “eliminate traditional friction losses in payment transactions” and to enable billing and refunds in real time, while the company's vision is also supported by “unlimited travel”. The company will also develop its own blockchain infrastructure, including its own wallets, booking data records on the chain and a web3 loyalty program.
The financing is non -binding until the final contracts are signed and the Due Diligence is concluded. No funds have yet been promised and the company retains full freedom of choice about the time and scope of its XRP purchases.
Learn more here: XRP course forecast: Can Ripple rise from $ 1K to $ 10k by 2030?
