Pharmaceutical distributor Wellgistics Health (WGRX) is backing XRP as a treasury and payments asset

A Florida-based pharmaceutical distributor is backing XRP as a treasury and payments asset, putting the token at the center of a $50 million financing deal.

Florida-based pharmaceutical distributor Wellgistics Health (WGRX) has announced that it will be integrating XRP into its treasury and payments operations as part of a $50 million financing deal.

The company has secured an equity line of credit with LDA Capital, a New York-based firm specializing in direct lending and investment banking services.

The move will see Wellgistics use blockchain technology to streamline transactions across its pharmacy network, handling vendor payouts and issuing credit lines with XRP.

Wellgistics stocks rose more than 14% on Thursday.

The company plans to use XRP to settle transactions quickly, in 3-5 seconds compared to 1-3 days for ACH or wire transfers, enabling near real-time settlement among pharmacies, suppliers, and manufacturers.

All transactions will be logged on the XRP Ledger for real-time compliance, rebate tracking, and auditability. The token will also help process global vendor payouts at very low foreign exchange rates.

“We believe that there are certain advantages to integrating XRP and its related infrastructure into its healthcare ecosystem,” the firm said in the statement.

“XRP, a rapidly growing token in the cryptocurrency market, is known for its speed of transaction settlement, typically completed in 3-5 seconds, compared to 1-3 days for ACH or wire transfers, allowing for near real-time settlement among pharmacies, suppliers, and manufacturers.”

The company is focused on eliminating banking delays and reducing settlement costs to fractions of a cent, two key difficulties in pharmaceutical supply chains.

Moreover, the company will be able to track government-issued drug rebates in real-time, ensuring timely processing and reducing administrative burdens.

The company’s statement also highlights the importance of cross-border payments in the pharmaceutical industry, which are usually subject to high foreign exchange fees.

However, XRP’s ارز دیجیتال will facilitate global vendor payouts at very low foreign exchange rates, a significant advantage for an industry with a global footprint.

While the company plans to integrate XRP and its related infrastructure, the company did not disclose a timeline for when these services would actually begin.