VivoPower International Deploys $100 Million of XRP on Flare Network

Following the launch of its XRP Treasury strategy, Nasdaq-listed VivoPower International has announced the deployment of $100 million worth of XRP

Nasdaq-listed VivoPower International has announced the deployment of $100 million worth of XRP on Flare Network for earning yield and stacking more XRP.

This holding is expected to earn yield and stack more XRP. It also marks a major investment in the XRP ecosystem.

Reveals Plans to Deploy $100 Million XRP Holding on Flare Network

According to an announcement made on June 11, VivoPower has partnered with Layer-1 blockchain Flare to deploy this $100 million XRP holding.

Interestingly, this is the first large-scale utilization of Flare’s FAssets system, which facilitates the interaction between non-smart contract assets like XRP and Decentralized Finance (DeFi) protocols.

This partnership will see the integration of XRP with DeFi protocols on Flare to generate yield and expand its XRP position.

"We are thrilled to partner with Flare to launch this groundbreaking initiative," said Kevin Chin, CEO and Executive Chairman of VivoPower.

"This deployment marks a significant step in our strategy to generate unclaimed value for XRP holders. By adopting RLUSD as our cash-equivalent reserve, we are aligning our treasury management practices with the principles of stability, compliance, and efficiency."

VivoPower is largely focused on generating yield by leveraging Flare-native protocols like Firelight. The potential income from the transactions will be reinvested to expand its XRP holdings.

It also intends to adopt RLUSD, the United States dollar-pegged stablecoin issued by blockchain payments firm Ripple Labs, as its cash-equivalent reserve.

"There is a growing need for XRP holders to make their assets more productive, rather than simply HODLing," Chin added.

Adopting Ripple’s RLUSD is a cornerstone of this strategy, providing the stability and compliance this next-generation treasury demands."

VivoPower Raised $121 Million to Achieve XRP Treasury Strategy Plan

Only about two weeks have passed since VivoPower International launched the world’s first XRP-based crypto asset treasury strategy among publicly listed companies. This was after it secured $121 million in the private placement led by Prince Abdulaziz bin Turki Abdulaziz Al Saud of Saudi Arabia.

Most of the funds went towards the acquisition of XRP and the establishment of a digital asset treasury. Amongst its other plans is the launch of a new DeFi team.

Amidst this exciting news of an XRP treasury strategy launch, the coin did not see wide swings in terms of price performance. At the moment, the coin traded at $2.28, reflecting some price dip.

However, with VivoPower’s investment of $100 million, XRP has recorded a slight price gain, signaling a potential price rebound.

At press time, it traded at $2.30 after gaining 2.38% over the last 24 hours. The coin may be able to sustain the price gain, especially with the attention that the XRP ecosystem is gaining in recent times.

As reported earlier, the Ondo Finance Short-Term US Government Treasuries (OUSG) recently went live on the XRP Ledger (XRPL).

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