Wellgistics Health adopts XRP for real-time payments

TAMPA, FL - Wellgistics Health, Inc. (NASDAQ: WGRX), a pharmaceutical distribution and healthcare infrastructure company with a market capitalization of $226 million and annual revenue of $18.1 million, announced today its initiative to utilize XRP, a digital asset based on blockchain, for treasury reserves and real-time payments infrastructure. This move aims to position Wellgistics Health as one of the first in its sector to implement such technology.

The initiative is supported by a $50 million Equity Line of Credit, which may be used to enhance financial infrastructure, reduce banking delays, and increase transparency within its national healthcare network. Brian Norton, CEO of Wellgistics Health, stated that the company’s goal is to streamline healthcare delivery by connecting manufacturers directly to pharmacies and patients, thus bypassing outdated systems and intermediaries.

XRP offers several advantages, including transaction settlement in seconds versus days, minimal transfer costs, and enhanced transparency with all transactions recorded on the XRP Ledger. The technology is expected to facilitate faster payments, automatic smart rebates, and XRP-backed credit lines for pharmacies.

Mark DiSiena, CFO of Wellgistics Health, believes that XRP-powered infrastructure will enable the company to operate with greater efficiency and control compared to its peers.

The adoption of XRP by Wellgistics Health comes as the digital asset gains traction among global institutions. CME Group is set to launch XRP futures contracts, Mastercard has identified XRP as a key currency for cross-border payments, and Ripple, the company behind XRP, has recently expanded its services through acquisitions and regulatory licensing.

Wellgistics Health is focused on transforming the movement, pricing, and delivery of medications. It connects manufacturers with a network of over 6,000 independent pharmacies and provides real-time prescription services and patient-first fulfillment models.

This press release contains forward-looking statements regarding the company’s strategies and future operations. Investors are cautioned that such statements involve risks and uncertainties that may cause actual results to differ materially from those projected.

The information in this article is based on a press release statement from Wellgistics Health.

In other recent news, Wellgistics Health, Inc. has announced several strategic initiatives and partnerships. The company has adopted XRP, a blockchain-based digital asset, for its treasury reserves and real-time payments, aiming to enhance transaction speed and reduce costs. Supported by a $50 million Equity Line of Credit, this move positions Wellgistics Health at the forefront of financial innovation in the healthcare industry. Additionally, Wellgistics has converted $1.5 million of debt into company shares, demonstrating CEO Brian Norton’s confidence in the company’s future. Norton has committed to a 12-month lock-up agreement for these shares, underscoring his dedication to long-term shareholder value.

Furthermore, Wellgistics Health has acquired Peek Healthcare Technologies, aiming to expand its digital healthcare ecosystem and provide affordable prescription options. Peek’s platform offers real-time prescription pricing transparency, which aligns with Wellgistics’ goal of enhancing patient-centered care. In another development, Wellgistics has partnered with Protega Pharmaceuticals to distribute ROXYBOND™, an FDA-approved abuse-deterrent opioid medication. This partnership focuses on improving patient access and pharmacist education regarding abuse-deterrent pain management options. These recent developments reflect Wellgistics Health’s commitment to innovation and strategic growth in the healthcare sector.

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