China Webus forms a ₩414.1 billion XRP reserve… Promotes XRP-based payment system

China's global chauffeured car service company Webus International (Webus International) announced that it plans to raise up to $300 million (about ₩414.1 billion) in funding via a non-equity method to integrate an XRP-based payment system.

According to crypto-specialized media outlet CoinDesk on the 30th, Webus is set to establish an XRP reserve for its global ride-hailing payment system by utilizing methods such as loans, credit lines, and shareholder guarantees—without issuing new shares. The funds will be used to integrate XRP's cross-border payment capabilities into Webus's on-chain reservation system and Web3-based loyalty program.

Nan Zheng, CEO of Webus, explained, "This reserve formation is structured so that the payment system can be upgraded without diluting shareholder value," adding, "We aim to achieve the company's growth potential and ecosystem expansion simultaneously."

Meanwhile, Webus has renewed its partnership with Chinese online travel giant Tongcheng Travel Holdings and is also working to settle joint operations of the ‘Wetour x Tongcheng’ line via the XRP Ledger (XRPL) system. Through this, the company seeks to enhance both driver settlement and cross-border payment efficiency.

The outlet added, "This round of fundraising has not yet been finalized and will be subject to a final decision after contract signing and due diligence," it reported.