The adoption of crypto products is growing at a fast pace in the United States, as shown by pharmaceutical firm Wellgistics, which has integrated XRP as a means of payment.
A Florida-based pharmaceutical company is taking a big step into the blockchain space through XRP. Wellgistics Health (WGRX), a publicly traded distributor, has announced that it will use XRP as a key part of its treasury and payment system. Wellgistics is making the coin a key part of its business.
The company will use XRP to handle real-time payments, pay its suppliers, and offer credit to partners in its pharmacy network. This move reflects the trend of drug companies using blockchain to make payments faster and cheaper.
Wellgistics Adopt XRP for Faster Payments
Wellgistics is set to use the coin to improve its payment handling in the healthcare supply chain. The company has secured a $50 million credit line from LDA Capital, a New York-based investment group, to support this initiative.
As reported by Coindesk, Wellgistics, one of the biggest problems in the healthcare and pharmaceutical industry is slow and expensive payments. Bank transfers like ACH or wire transfers often take several days to complete and incur high fees. This can cause delays and stress for pharmacies and suppliers needing fast access.
With the coin, payments are almost instant, taking only 3 to 5 seconds to process. This means vendors and partners can get paid quickly, improving cash flow and trust in the system. Also, XRP has very low transaction fees, making it great for the pharmacy industry, where there are many small payments daily.
Every payment made with XRP is recorded on the XRP Ledger (XRPL), a secure blockchain system that tracks all transactions. This would allow Wellgistics to see all payments in real time, keep accurate financial records, and follow healthcare compliance rules.Â
The XRPL will also enable the pharmaceutical firm to track rebates and facilitate audits. These features will help improve transparency, make it easier for the company to manage its finances, and build better relationships with its partners.Â
Interestingly, Wellgistics does not plan to stop at local payments. The company will also use XRP to pay international vendors, which helps avoid expensive foreign exchange fees. This is poised to make working with suppliers and manufacturers in other countries cheaper and faster.Â
XRP is gaining more attention around the world. Some of the biggest banks in India are also investigating how XRP Ledger can improve their payment systems.
Leading the Way in Blockchain Adoption
With this decision, Wellgistics is set to become one of the few public U.S. companies to integrate the Ripple coin into its financial operations fully. Although the company has yet to share an exact date for when the new system will go live, this move shows a strong commitment to blockchain technology and digital payments.
Using the coin, Wellgistics sets an example of how digital assets and blockchain technology can benefit the healthcare industry.
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