The stock of a healthcare technology company tanked after it announced a new initiative to use XRP in its treasury reserve and for payments.
Wellgistics Health (WGRX), which specializes in pharmaceutical distribution and healthcare infrastructure, notes in a new press release that it secured a $50 million credit facility to support the use of XRP in real-time settlement as well as a treasury reserve asset.
Wellgistics says it is developing a platform that enables instant payments between pharmacies, suppliers and manufacturers. The platform will also allow smart rebates while introducing XRP-backed credit lines for independent pharmacies.
Says Brian Norton, the firm’s chief executive,
“Our blockchain-enabled payment system and ledger is just the next logical step in healthcare evolution, allowing us to hardwire speed, liquidity, and transparency into a system that’s long been starved of all three. I believe that the future winners in healthcare won’t be the companies with the biggest buildings… they’ll be those with the fastest rails, cleanest data, and most efficient platforms. We’re betting on infrastructure… not inertia.”
It doesn’t appear that shareholders share Norton’s confidence, however. WGRX is down more than 9.5% in the past day and nearly 40% in the past five days.
XRP, by contrast, is up more than 2.5% in the past day and more than 7% in the past week and is trading for $2.35 at time of writing.
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