Digital asset platform BitGo has partnered with Nasdaq-listed VivoPower International PLC to manage the company’s initial $100 million XRP acquisition. The move is part of VivoPower’s recently announced shift to an XRP-focused treasury and decentralized finance strategy.
As part of the agreement, BitGo will act as the exclusive over-the-counter (OTC) trading partner for the purchase and will also handle custody of the acquired XRP tokens. VivoPower had earlier secured $121 million in funding to support the transition.
The company will use BitGo’s round-the-clock OTC desk for execution of its XRP purchases. BitGo’s custody arm will store the assets using its cold storage infrastructure, which is used by institutions managing large volumes of digital assets.
“VivoPower is committed to driving value for our shareholders by building out a leading digital asset treasury strategy—a mission we plan to accomplish through partnerships with best-in-class digital asset leaders like BitGo,” said Kevin Chin, Executive Chairman and CEO of VivoPower.
“BitGo’s track record, combined with its institutional-grade, secure-by-design custodial and trading infrastructure, makes them the clear choice to execute and safeguard our treasury allocation.”
“VivoPower’s commitment to digital assets is a testament to the institutional momentum building around our ecosystem,” said Mike Belshe, CEO of BitGo. “We are proud to provide the comprehensive platform that companies like VivoPower need to enter the digital asset space with confidence, from seamless execution to industry-leading custody.”
The partnership adds to BitGo’s growing role as a service provider for institutions entering the crypto market. Its OTC desk offers access to deep liquidity and discreet execution for high-volume trades, while the firm’s custody services are used across the financial industry.
VivoPower has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for a public offering of its ordinary shares. Investors can access the documents at sec.gov. Copies of the prospectus are also available via email by contacting shareholders.
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