Webus International Targets $300 Million for XRP Integration in Global Chauffeur Network
The China-based company plans to incorporate XRP payments into its international chauffeur services.
What to Know:
- Webus International is looking to raise up to $300 million through non-equity financing to establish an XRP reserve supporting its global chauffeur payment network.
- This initiative aims to implement XRP’s cross-border settlement capabilities within Webus’ infrastructure, facilitating on-chain booking and a Web3-based loyalty program.
- The company is renewing its collaboration with Tongcheng Travel Holdings to leverage the XRP Ledger for processing international rides and driver payments.
Webus International, a provider offering tailored car and touring services globally, has announced plans to raise as much as $300 million through non-equity financing. This financing will support the establishment of an XRP reserve for its international payment network featuring the cryptocurrency.
The funding aims to streamline payments while preserving existing equity by utilizing loans and credit lines instead of issuing new shares, as stated by CEO Nan Zheng.
This announcement comes closely after Saudi Arabia’s VivoPower International revealed its own plan to create a $121 million XRP treasury, reflecting growing corporate interest in XRP, currently the fourth-largest cryptocurrency by market capitalization.
This financing strategy remains non-binding and subject to further agreements and due diligence.
Additionally, Webus plans to enhance its partnership with Tongcheng Travel Holdings, a major online travel agency in China, under their “Wetour x Tongcheng” charter services, specifically focusing on using the XRP Ledger for payment solutions in cross-border transportation.
