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.
Wellgistics Health (WGRX) said Thursday it had secured an equity line of credit to support XRP-based reserves and infrastructure for real-time payments.
The company plans to use the blockchain to settle transactions across its pharmacy network, manage vendor payouts, and issue credit lines backed by XRP.
The move makes Wellgistics one of the few publicly listed U.S. firms to actively integrate XRP into its financial operations. XRP will help eliminate banking delays and lower settlement costs of fractions of a cent, two key resistance points in pharmaceutical supply chains.
“We believe that there are certain advantages to integrating XRP and its related infrastructure into its healthcare ecosystem,” the firm said in the release.
“XRP settles transactions in 3-5 seconds vs. 1-3 days for ACH or wire transfers, allowing for near real-time settlement among pharmacies, suppliers, and manufacturers. All transactions are logged on the XRP Ledger for real-time compliance, rebate tracking, and auditability,” it said, adding that the token will help process global vendor payouts at very low foreign exchange rates.
The credit facility is being provided by New York-based LDA Capital. No timeline was provided for the XRP-based services would actually begin.