A Florida-based pharmaceutical company is making waves in the crypto space by embracing XRP for real-time payments as part of a new $50 million financing deal.
Wellgistics Health (WGRX), a pharmaceutical distributor, revealed Thursday that it has secured an equity line of credit to integrate XRP-based reserves and infrastructure into its operations. This deal will allow the company to use XRP’s blockchain technology to streamline transactions across its pharmacy network, manage vendor payments, and issue credit lines backed by XRP.
The decision to use XRP aligns with Wellgistics’ goal of addressing key inefficiencies in the pharmaceutical industry, particularly around payment delays and high settlement costs. XRP’s fast transaction speeds and low fees make it an ideal solution for the sector, where delays can lead to significant operational disruptions.
“We see significant advantages in integrating XRP’s infrastructure into our healthcare ecosystem,” said the company in a statement.
With XRP settling transactions in 3-5 seconds, compared to the 1-3 days required for traditional ACH or wire transfers, Wellgistics expects to offer near-instant settlement between pharmacies, suppliers, and manufacturers. Additionally, the company points out that all transactions on the XRP Ledger will be fully auditable and compliant, helping with real-time tracking and rebate management.
The $50 million credit facility is being provided by LDA Capital, a New York-based financial firm. However, Wellgistics did not specify when the integration of XRP-based services would officially begin.
