The Florida-based pharmaceutical distribution company, Wellgistics, has decided to leverage the cryptocurrency network and popular altcoin XRP as a real-time payment infrastructure and treasury management tool.
The company aims to eliminate the delays and high-cost issues associated with traditional systems, where money transfers can take days. Transactions conducted via XRP are processed within seconds, with transaction fees being less than $0.10, offering significant advantages to all parties within the supply chain. Wellgistics CEO, Brian Norton, highlighted their refusal to be constrained by the slow-moving systems traditionally seen in the healthcare sector.
Speeding Up Payments with XRP in the Supply Chain
International money transfers conducted through standard banking channels typically take two to three working days and incur costs ranging from $10 to $30. Regional restrictions, lack of transparency, and numerous intermediaries can further prolong the process. However, using an XRP-based network, money transfers can be completed in just 3 to 5 seconds, providing a globally compatible infrastructure. In this system, each transfer fee is kept below $0.10.
This method aims to optimize cash flow for pharmacies, suppliers, and manufacturers within the pharmaceutical distribution chain, owing to its low transaction fees. Additionally, the open traceability offered by Blockchain technology will simplify the transparency and auditability of payment records.
Funding and Future Plans
Wellgistics has applied for a $50 million Expandable Line of Credit (ELOC) to support their XRP integration and treasury reserve strategy. This financing not only ensures the company’s cash balance but also provides resources for evaluating new payment models.
In the coming period, the company plans to test programmable liquidity and on-demand payment solutions. Norton summarized their vision by saying, “The winners of the future will be those with fast infrastructure and clean data, not big buildings.” This approach by Wellgistics aligns with their goal of enhancing operational efficiency in the health and pharmaceutical sectors. Furthermore, it marks a pivotal move for Ripple 
$2 and the altcoin XRP in establishing a presence within a new industry sector.
