Webus International Limited, a Chinese AI-powered mobility company, has announced a $300 million funding initiative that will be used for integrating XRP.
The aforementioned sum will be used for building a reserve with the popular altcoin.
The firm aims to enable instant international payments that could be useful for their chauffeur services.
The reserve will not be funded with the company's equity, meaning that it will not dilute existing shareholders.
The funds will be partially used for developing various blockchain-based features, such as on-chain bookings and loyalty features. The company is also currently focusing on its global expansion.
It is worth noting that the funding is yet to be finalized. For now, it remains in the exploratory phase.
XRP is up by 1% over the past 24 hours. Notably, it is one of the very few major tokens that are currently in the green.
In other news, Hyperscale Data recently announced a plan to buy $10 million worth of XRP tokens.
Vladislav Sopov
U.Today Editorial Team