Chinese Company Ripple announced that it will establish a reserve of (XRP)! Here is the amount of XRP they will purchase!

Bitcoin (BTC) and the interest in BTC and altcoins continues to remain high, contrary to the bans in China where Bitcoin and cryptocurrencies are prohibited.

At this point, an important move came from a Chinese company.

China-based company Webus International Limited, which provides AI-powered mobility solutions, will raise up to $300 million to create reserves for global payments using Ripple (XRP).

According to the official statement, Webus announced that it plans to raise up to 300 million dollars in non-equity financing to create an XRP reserve.

The company also stated that it has renewed its partnership with Tongcheng Travel Holdings Ltd., one of China's largest online travel platforms.

The $300 million funding strategy set for the XRP reserve will consist of a mix of existing cash reserves, bank loans, shareholder guarantees, and corporate credit support from traditional banks.

However, the company did not set a timeline for the purchase of XRP.

Webus CEO Nan Zheng said the following:

"These strategic developments have the potential to create a strong synergy between our domestic and international operations,

Our renewed partnership with Tongcheng strengthens our Chinese network infrastructure, while an XRP integration has the potential to revolutionize the way we handle cross-border payments for both partners and travelers worldwide.

Webus's statement came one day after the Nasdaq-listed energy company VivoPower International announced its strategy to establish its own XRP treasury with an investment of 121 million dollars.

*This is not investment advice.

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