Wellgistic Health, a pharmaceutical distribution company in the US, has announced that it will begin to accept XRP for payments. In a press release, the Healthcare Infrastructure Company said it gained a $ 50 million line of credit to spend on implementing the plan.
According to company, company, The revenues of these funds, secured by the LDA capital, will go to the development of on-demand financial infrastructure that will allow the National Healthcare Network to move on to the use of blockchain for payments.
Company CEO Brian Norton, said the platform would connect manufacturers to pharmacies and patients, doing the bureaucratic red tape in the health care sector.
Norton said:
“Our payment system powered by Blockchain and Ledger is the next logical evolution of health care evolution, allowing us to speed hardwire, liquidity, and transparency in a system that has long been hungry for all three.”
Meanwhile, the company said in the press release that it chose to include the XRP and its infrastructure because of its benefits, which include speed, transparency, global range, and low cost. It added that there is also flexibility in credit lines that XRP supports to boost liquidity for independent pharmacies.
Although the company did not provide information about when XRP services would start, it stated potential cases of use for XRP and Ripple technology. This includes real-time repairs, rebates, credit lines, and global vendor payouts.
Wellgistics Health is a listed company with a network with a network of more than 6,000 independent US pharmacies, trading NASDAQ under the WGRX ticker.
Wellgistics Health to make a Treasury Reserve a Treasury Reserve
Noteworthy, wellgistic health states in its announcement that it will also produce XRP owned by the Treasury reserve. While it does not explain how it wants to achieve it, the move is a bit surprising.
It was marked in the first time a public listed company would consider the XRP adoption as a treasury. However, it only continues the trend of low cap companies looking for cryptocurrencies as assets reserves, that Bitcoin is the selected option.
Wellgistic has reasons to choose XRP for both payment and ark. It pointed out the launch of the Chicago Mercantile Exchange (CME) Group's XRP Futures Contract, MasterCard featuring the token as a bridge currency in cross-border transactions, and other developments as proof of XRP potential.
However, XRP adoption does not affect the company's stock performance. The WGRX dropped 30.56% at the end of the market on May 8 and exchanged for $ 3. It has seen an additional fall to $ 2.872 in premarket trading, forcing its market cap down to $ 155.83 million.
XRP gets almost 10% on a massive day for altcoins
Meanwhile, the XRP has over 8% in the last 24 hours as the token returns to a positive performance on the year-to-date after recent struggles. The latest token gains came in the middle of the general market bomb that saw the ether getting more than 20% value, the largest sunny benefit from 2021.
While some factors are responsible for the extensive gains, XRP acquisitions have also been linked to the recent announcement of the Securities and Exchange Commission (SEC) that it has fixed its lawsuit in Ripple.
Under the negotiation agreement, Ripple will pay $ 50 million to the SEC, less than the original $ 125 million that the court ordered it to pay, and the remaining $ 75 million will return; SEC approval marked the end of the long legal battle with the XRP status.
The negotiation is still subject to the approved judge, Analisa Torres, but the criticism has been attracted from Sec Commissioner Caroline Crenshaw. Crenshaw criticized the deal with a statement, noting that it would affect the SEC's ability to repair crypto companies. Despite the criticism, many expect the negotiations to be finalized in the coming weeks.
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