Anand Sinha
2 min read
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Saudi Prince bets big on XRP after meeting Trump originally appeared on TheStreet.
XRP, the world's fourth-largest cryptocurrency which President Donald Trump announced will be a part of the U.S. digital assets stockpile, has found a major supporter in Saudi Arabia.
VivoPower International (Nasdaq: VVPR), a sustainable energy solutions company, has raised $121 million in private capital led by Saudi Arabia's Prince Abdulaziz bin Turki Abdulaziz Al Saud.
Former Ripple board member Adam Traidman is also an investor who will also chair the company's board of advisors.
The energy company will use these funds to acquire XRP to add to its corporate treasury, the company said on May 28.
It entered into subscription agreements with the investors to sell 20 million shares at $6.05 per share. The VVPR stock was quoted at $4.9 at the time of writing, up 15% since the last day's close.
Prince Abdulaziz bin Turki Abdulaziz Al Saud, chairman of Saudi Arabia-based Eleventh Holding Company, led the investment in VivoPower. The energy company said it is possibly the world's first public company to launch an XRP-focused crypto treasury strategy.
Prince Abdulaziz bin Turki Abdulaziz Al Saud said it was meeting Trump during his recent visit to Saudi Arabia that convinced him that it was an appropriate time to roll out crypto assets and blockchain technology in the country. He added that his company has been holding XRP for a long time and decided to select VivoPower due to its "strategic focus on XRP."
"We are honored to be leading this capital raising for a company that will be the first in the world executing on an XRP-focused treasury strategy," he continued.
“We are incredibly privileged to have His Royal Highness, Prince Abdulaziz bin Turki Abdulaziz Al Saud of Saudi Arabia leading this transformational capital raising and are also pleased to welcome other digital asset industry investors joining in this round," VivoPower's executive chairman Kevin Chin said.
In other news, Coinbase (Nasdaq: COIN), the largest crypto exchange in the U.S., announced that it will enable 24x7 trading for XRP and SOL futures beginning June 13.
However, no positive news could lead to an uptick in XRP's price. XRP has been on a decline over the last seven days.
