A Florida-based pharmaceutical distributor is making waves in the financial world by backing XRP as a treasury and payments asset. Wellgistics Health (WGRX) announced on Thursday that it has successfully secured an equity line of credit aimed at enhancing its XRP-based reserves and infrastructure, paving the way for real-time payment solutions.
The innovative approach aligns with the company’s vision to utilize blockchain technology for settling transactions throughout its expansive pharmacy network. By integrating XRP, Wellgistics Health plans to not only manage vendor payouts more efficiently but also to issue credit lines backed by this digital asset.
This significant development positions Wellgistics as one of the few publicly listed U.S. firms actively leveraging XRP within its financial operations. The strategic use of XRP is expected to dramatically eliminate banking delays and further reduce settlement costs, which can be as low as a fraction of a cent. These benefits address two major pain points within pharmaceutical supply chains, potentially revolutionizing how transactions are conducted.
In their official statement, Wellgistics articulated their belief in the advantages of incorporating XRP and its related infrastructure into their healthcare ecosystem. “XRP settles transactions in 3-5 seconds compared to the traditional 1-3 days required for ACH or wire transfers,” the firm noted. This allows for near real-time settlements among pharmacies, suppliers, and manufacturers. Furthermore, all transactions are meticulously logged on the XRP Ledger, ensuring real-time compliance, rebate tracking, and auditability.
Additionally, the integration of XRP is set to streamline the process of global vendor payouts, benefiting from remarkably low foreign exchange rates. This aligns with Wellgistics’ commitment to enhancing operational efficiency and reducing costs while maintaining transparency.
The credit facility supporting this ambitious venture is being provided by LDA Capital, a New York-based investment firm. While the company did not furnish a specific timeline for when the XRP-based services will commence, the developments indicate a significant step forward for Wellgistics Health and its engagement with digital assets.
As the financial landscape continues to evolve, Wellgistics Health’s initiative serves as a compelling example of how traditional industries can harness blockchain technology and digital currencies to improve processes and outcomes. The integration of XRP into their operations could potentially set a precedent for other firms in the healthcare sector to follow suit.
