Popular cryptocurrency infrastructure company BitGo will facilitate a $100 million XRP purchase for NASDAQ-listed sustainable energy company VivoPower, according to a Monday press release.
BitGo will act as the company's over-the-counter (OTC) provider. VivoPower will also rely on BitGo for securing its XRP reserves.
Last week, VivoPower announced that it had secured $121 million to launch an XRP strategic reserve. It also added SBI Ripple Asia CEO Adam Traidman to its board of directors.
BitGo CEO Mike Belshe stated that the deal is the latest sign of "institutional momentum" in the cryptocurrency space. Meanwhile, CEO Kevin Chin has praised BitGo's "institutional-grade" infrastructure in his own statement.
As reported by U.Today, Belshe previously stated that he wanted Ripple to win against the SEC since it would result in positive regulatory developments for the cryptocurrency ecosystem. He stressed that his desire for Ripple's victory stemmed not from his love for the XRP token.
In other news, Webus International Limited, a Chinese mobility company specializing in AI technology, recently announced that it was considering building a $300 million strategic XRP reserve.
XRP, one of the largest altcoins by market capitalization, is seeing the first signs of corporate demand from public companies after making significant strides in terms of institutional acceptance with the rise of regulated XRP futures and multiple spot ETF proposals in the US. The token is emerging as a more exotic and arcane alternative to Bitcoin and Ethereum in corporate treasuries.
U.Today Editorial Team
Vladislav Sopov