VivoPower manages $100 million worth of XRP on Flare - adopting Ripple's RLUSD for financial operations | CoinDesk JAPAN

! Vivo Power Manages $100 Million worth of XRP on Flare—Uses Ripple’s RLUSD for Financial Operations

• Nasdaq-listed Vibra Power announced plans to deploy $100 million worth of XRP tokens through the Flare Network blockchain to generate revenue.
• This is part of a trend where public companies are raising funds to add cryptocurrency assets to their finances, and this strategy has been popularized by various strategies.
• Bibopower has also announced the adoption of Ripple’s stablecoin, RLUSD, as part of its financial operations.

VivoPower International, a Nasdaq-listed company advancing its transition to the cryptocurrency business, has announced plans to utilize an equivalent of 100 million USD (about 14.5 billion yen, based on an exchange rate of 145 yen per dollar) in XRP.

On June 11, the company announced a partnership with the Layer 1 blockchain Flare Network to manage 100 million Dollars worth of XRP to generate revenue.

According to the press release, this initiative will be the first large-scale use of Flare’s FAssets system that allows smart contract non-compatible tokens like XRP to interact with decentralized finance (DeFi) protocols.

VivoPower generates revenue through flared-native protocols such as Firelight and reinvests that income to expand its XRP holdings. The company also announced that it will adopt Ripple’s stablecoin, RLUSD, as a cash equivalent.

“Holding XRP is no longer enough, our obligation to our shareholders is to use XRP productively,” CEO and Executive Chairman Kevin Chin said in a statement. “Adopting Ripple’s RLUSD is at the heart of this strategy and will provide the stability and compliance that the next generation of finance demands.”

Hugo Philion, co-founder of Flare, pointed out that this contract is an important milestone for Flare to be recognized by institutional investors. “Our FAssets system (omitted) is not just a bridge; it is a gateway that allows institutional investors to bring assets like XRP into a programmable DeFi environment and generate yield. In doing so, the fundamental security of the assets is maintained,” he stated.

VivoPower has joined the list of public companies raising funds to purchase cryptocurrency and add it to their finances. This strategy is a method popularized by Michael Saylor, the largest corporate holder of Bitcoin.

The company’s latest move was announced immediately after completing the purchase of the first $100 million worth of XRP through BitGo’s OTC trading desk.

According to a filing with the U.S. Securities and Exchange Commission (SEC), VivoPower signed a $121 million private placement agreement last month. It is led by the Eleventh Holding Company, led by Saudi Prince Abdulaziz bin Turki Abdulaziz Al Saud.