XRP will be used by a Florida pharmaceutical firm for immediate payments in a $50M financing deal.

Wellgistics Health, a pharmaceutical distributor based in Florida, is pioneering the use of XRP in its operations, cementing the token’s role in a groundbreaking $50 million financing deal aimed at transforming its payment systems.

The company announced Thursday that it had secured an equity line of credit to fund the integration of XRP-based reserves and infrastructure, which will allow for seamless real-time payments across its pharmacy network.

By utilizing the XRP blockchain, Wellgistics plans to streamline pharmacy transactions, enhance vendor payouts, and offer credit lines backed by XRP. This marks a significant move for the company, positioning XRP as a central element in its financial operations and addressing inefficiencies in the pharmaceutical supply chain.

“Incorporating XRP and its associated infrastructure into our healthcare ecosystem offers clear operational benefits,” Wellgistics said in its statement.

With XRP’s transaction settlement time of just 3-5 seconds, compared to the days-long delays of traditional payment methods like ACH or wire transfers, Wellgistics anticipates faster, more efficient exchanges between pharmacies, suppliers, and manufacturers. Additionally, all transactions will be recorded on the XRP Ledger, ensuring real-time compliance, accurate rebate tracking, and full audit capabilities. The company also expects to significantly reduce foreign exchange costs when processing international vendor payments.

The financing for this initiative comes from New York-based LDA Capital, although Wellgistics has yet to announce a timeline for when the XRP-powered services will go live.