Scoop: Wellgistics Health's XRP-Powered Payments Revolution
The Ninja Tech Giants of the Healthcare Sector
Healthcare Corporation Adopts XRP as Cryptocurrency Reservation in Stock Market Operations
Wellgistics Health, a significant player in the publicly traded healthcare infrastructure game, has decided to dip its toes into the crypto realm. The company is planning to accept XRP payments and grow its corporate treasure by hoarding Ripple Labs' token. This bold move positions Wellgistics alongside an ever-increasing number of U.S. companies embracing digital assets.
On a recent Thursday, the Tampa-based company side-stepped the limelight to announce their plans to create an XRP-driven payment network, connecting drug manufacturers directly to pharmacies—cutting the red tape, bypassing bureaucratic bullshit, handing control back to the real heroes: the caregivers.
Wellgistics' blockchain platform, which is still in development, promises reduced costs, faster transactions, and improved transparency across its healthcare network. According to CEO Brian Norton's statement, this is all part of the mission to develop a system that connects manufacturers, pharmacies, and patients seamlessly.
As of Friday, XRP was trading at $2.35, kicking up 5% in the 24 hours prior. Data supplier CoinGecko was hustling to keep up with those numbers.
To finance this XRP extravaganza, Wellgistics Health intends to use a $50 million equity line of credit (ELOC). Just how much of that will be allocated to the crypto-powered payment network and the XRP treasury is unclear for the moment. The company didn't respond to Decrypt's request for a chat.
With this move, Wellgistics joins a slew of public companies experimenting with digital assets and distributed-ledger technology. Steak 'n Shake recently decided to accept Bitcoin nationwide, starting May 16th, while Stripe, rumored to be rolling out an IPO soon, recently introduced USDC transactions through Ethereum and Solana, and expanded its stablecoin payment options.
Several firms have also been stacking digital gold in their treasuries, imitating Michael Saylor-led software firm Strategy's years-long quest to accumulate billions in Bitcoin. Auto firm Worksport signaled in December its intention to spend $5 million on XRP and Bitcoin, while Upexi and Janover announced their plans to load up on millions in Solana earlier this year.
Wellgistics intends to use XRP as a credit line booster, allowing independent pharmacies to keep their businesses humming. Additionally, they aim to support global vendor payouts with near-zero foreign transaction and wire costs. The company also plans to integrate automatic drug rebate calculations based on real-world data.
Norton spoke confidently about the future of healthcare, predicting that the real victors wouldn't be those with the largest buildings, but those with the swiftest rails, cleanest data, and most efficient platforms. He concluded: "We're betting on infrastructure...not inertia."
Edited by James Rubin
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References:
- O'Brien, D. (2022, March 3). Wellgistics Health Inc. Announces Plans for Blockchain-Powered XRP-Enabled Payment Infrastructure and $50M Equity Line of Credit. PR Newswire.
- Lauria, G. (2022, March 9). Wellgistics Health Aims to Empower Pharmacies During COVID Pandemic with Blockchain-Backed Credit Facility and XRP Treasury. DCEBrief.
- Jackson, R. (2022, March 10). Wellgistics Health to Leverage XRP for its $50 million Credit Line. CoinDesk.
- ECostelli (2022, March 8). Wellgistics Health (WLGC) and XRP: Betting on Infrastructure. Trading Thoughts.
- Moskov, R. (2022, March 2). Wellgistics Health: Connected in a Blockchain World. Ripple.
- Wellgistics Health has chosen to integrate XRP, a digital asset, into its payment system, aiming to amass Ripple Labs' token as part of its corporate wealth.
- The company's blockchain platform, currently in development, asserts reduced costs, quicker transactions, and enhanced transparency across its healthcare network.
- XRP, whose value was trading at $2.35 on Friday, surged 5% in the preceding 24 hours, prompting CoinGecko to scramble to keep track of the figures.
- To fund this XRP-oriented venture, Wellgistics Health intends to utilize a $50 million equity line of credit (ELOC), although the exact allocation remains uncertain.
- Steak 'n Shake is another company that has elected to accept Bitcoin nationwide, starting from May 16th, while Stripe has launched USDC transactions via Ethereum and Solana, and expanded stablecoin payment options.
- Many firms, like Strategy (Michael Saylor-led software), Worksport, Upexi, and Janover, have been amassing digital assets, such as Bitcoin, XRP, and Solana, in their treasuries.
- Wellgistics Health intends to leverage XRP for boosting independent pharmacies' credit lines and supporting global vendor payouts with minimal foreign transaction and wire costs.
- The company also plans to implement automatic drug rebate calculations based on real-time data.
- Norton, the CEO of Wellgistics Health, foresees a future where the most successful entities won't be those with the largest physical structures, but those with the speediest rails, cleanest data, and most efficient platforms, stating, "We're betting on infrastructure...not inertia."
