Publicly traded company VivoPower International PLC will transition to an XRP-focused treasury. To help facilitate this change, VivoPower has entered into a strategic partnership with digital assets firm BitGo, which will be the exclusive over-the-counter (OTC) trading desk to help VivoPower acquire $100 million in XRP, as per a company press release. VivoPower has already raised $121 million.
The partnership will benefit VivoPower by leveraging BitGo’s capabilities as a round-the-clock 24×7 OTC trading desk and its custody platform for the purposes of holding its assets.
“VivoPower is committed to driving value for our shareholders by building out a leading digital asset treasury strategy—a mission we plan to accomplish through partnerships with best-in-class digital asset leaders like BitGo. BitGo’s track record, combined with its institutional-grade, secure-by-design custodial and trading infrastructure, makes them the clear choice to execute and safeguard our treasury allocation.” said VivoPower’s CEO Kevin Chin.
“VivoPower’s commitment to digital assets is a testament to the institutional momentum building around our ecosystem. We are proud to provide the comprehensive platform that companies like VivoPower need to enter the digital asset space with confidence—from seamless execution to industry-leading custody.” said BitGo’s CEO Mike Belshe.
This update comes as multiple companies step up to collaborate with Ripple, either to use its ledger technology to launch stablecoins or cryptocurrencies or to hold XRP. Another company that recently disclosed a substantial exposure to Ripple’s currency was Digital Commodity Capital Corporation, revealing that it held 103,000 XRP in April.
