VivoPower has chosen Crypto.com as its strategic partner to help manage and grow its digital asset holdings, especially its XRP-focused treasury.
Under the partnership, Crypto.com Custody will hold VivoPower’s digital assets. The service caters to large enterprises and affluent customers, with advanced security and worldwide coverage.
As per the official release, the partnership will also make VivoPower’s shares available for trading on Crypto.com’s broker-dealer platform. This makes it easier for both retail and institutional investors to buy and sell the stock. Through Crypto.com, VivoPower will gain better liquidity for XRP and other tokens. It will also have access to XRP restaking via Flare Networks.
Kevin Chin, Executive Chairman of VivoPower, said that they are happy to partner with Crypto.com to list VivoPower shares on its stock platform, giving access to Crypto.com’s 150 million users. He added that this partnership will help the company expand internationally and strengthen its blockchain-based financial strategy.
Eric Anziani, President and COO of Crypto.com, said the platform was built for both today’s and future markets, offering institutions a complete, safe, and secure way to buy and manage digital assets. He also stated that they are excited to help VivoPower with its digital asset treasury plans and aim to make Crypto.com the top choice for institutional custody.
VivoPower’s XRP Strategy
The move comes after VivoPower decides to buy up to $121 million worth of XRP, part of its plan to build one of the first corporate XRP treasuries. It has also agreed to spend $100 million on a deal with Flare Networks to utilize XRP in decentralized finance (DeFi) initiatives with a view to deriving revenue and developing real-world blockchain finance use cases.
To facilitate this strategy, VivoPower teamed up with BitGo for its first $100 million XRP buy in June. BitGo will serve as the sole over-the-counter (OTC) trading counterparty and offer custody for the bought tokens.
Many other companies have adopted this strategy. Vertical farming firm Nature’s Miracle has also set up XRP treasury programs, showing increasing confidence in using XRP as a reserve asset.
Also Read: China’s Huajian Medical Launches Ethereum Treasury Strategy
