Greg Kidd, former chief risk officer (CRO) at enterprise blockchain company Ripple, is buying a controlling stake in medical technology company Known Labs.
Once the deal closes in the third quarter of the year, Kidd will become the CEO of Know Labs and the chairman of the company's board.
The stake will be acquired with 1,000 Bitcoin (roughly $105 million at press time) and some cash.
Kidd will use the coins to implement a Bitcoin treasury strategy, meaning that it will own and hold them.
Taking a page from the famous playbook of Michael Saylor's Strategy, Known Labs will make the flagship cryptocurrency its core value proposition. However, it is also worth noting that its medical research will continue within a separate division.
As reported by U.Today, Saylor himself recently praised the efforts of other firms that have adopted his unorthodox Bitcoin strategy.
Bitcoin is expected to represent 82% of the company's total market cap.
As reported by U.Today, Ripple CEO Brad Garlinghouse recently opined that the Bitcoin community should not be viewed as an enemy of XRP holders, advocating for unity within the industry.
Ripple co-founder Chris Larsen also recently praised Bitcoin for the substantial progress toward environmentally responsible mining.
XRP's corporate adoption momentum
In the meantime, XRP is gaining substantial momentum on the corporate adoption front. As reported by U.Today, Webus International, a Chinese cryptocurrency firm, has officially submitted a plan to set up a $300 treasury with the Ripple-linked cryptocurrency.
On top of that, VivoPower and Wellgistics are also exploring XRP treasuries that would be worth $121 million and $50 million, respectively.
Vladislav Sopov
U.Today Editorial Team