VivoPower recently announced plans to become the first publicly traded company to adopt XRP as a treasury reserve asset. This decision came shortly after the company successfully completed a $121 million private offering, making headlines in both the crypto and business worlds.
Why XRP? The CEO Explains
In a recent interview with Tony Edwards, VivoPower’s CEO Kevin Chin opened up about why the company chose XRP over more popular options like Bitcoin, Ethereum, or Solana.
Chin shared that his belief in XRP isn’t new. He’s been following and investing in digital assets for years. But what really stood out, according to him, is XRP’s potential in the DeFi (Decentralized Finance) space. “I have genuine conviction in XRP and what it can do for markets,” Chin explained.
He also said that while Bitcoin treasuries have become common, with over 100 companies holding BTC in their reserves, the market for XRP is still relatively untapped. “We saw a gap in the market,” he added, hinting that VivoPower wanted to be the first mover in this space.
“I think there’s more than 100 Bitcoin treasury companies as well. We felt that it was quite crowded already. And there are people doing it very well in the markets already. Similarly, with Solana and ETH, there were already other players,” he said.
XRP’s Loyal Following Played a Role
Another reason behind the move was XRP’s strong and passionate global community, famously known as the ‘XRP Army.’ Chin admitted that the company has been part of this community and recognizes the influence and dedication of XRP holders worldwide.
A Big Win for XRP Adoption
This decision marks a big moment for XRP and its supporters. As more traditional businesses explore cryptocurrencies, VivoPower’s announcement could inspire others to look beyond Bitcoin and Ethereum, opening new opportunities for digital assets like XRP in the corporate world.
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FAQs
VivoPower’s CEO Kevin Chin chose XRP due to his conviction in its DeFi potential and because he saw an “untapped market” in XRP corporate treasuries, unlike the more “crowded” spaces for Bitcoin and Ethereum.
VivoPower’s pioneering decision could indeed inspire other traditional businesses to look beyond Bitcoin and Ethereum, potentially opening new opportunities and increasing corporate adoption for a broader range of digital assets like XRP.
