Reliance Group Buys $17M Worth of XRP for Treasury, Expert Says Move Could Go Beyond Investment

Publicly-listed InsurTech company Reliance Global Group has announced its acquisition of XRP, marking a strategic move to expand its Digital Asset Treasury.

According to a recent release, Reliances acquisition of XRP is part of its efforts to build a diversified portfolio of cryptocurrencies, following its earlier accumulation of Bitcoin, Ethereum, and Cardano.

Notably, Reliance suggested that its crypto holdings align with its long-term strategy of striking a balance between innovation, stability, and value.

Although the announcement was made on September 30, it only gained widespread attention within the XRP community today after attorney Bill Morgan brought it to public notice. According to Morgan, Reliances investment in XRP was worth approximately $17 million. However, the official release did not mention the specific amount.

The announcement didn‘t specify how Reliance will use its XRP, but Morgan suggested that the purchase might be more than just an investment. It could be related to the company’s primary work in insurance.

Moreover, Morgan suggested the acquisition may be connected to Reliances plan for tokenized insurance policies or blockchain-based payments integrations. He emphasized that other pharmaceutical and travel firms have explored similar integrations in the past. In his view, these companies first acquired XRP before announcing XRPL-based payment integrations.

For context, Nasdaq-listed VivoPower raised $121 million in April to establish an XRP treasury. A few months later, the company announced support for RLUSD payments, a stablecoin partially minted on the XRPL, enabling customers to purchase its electric vehicles using the stablecoin.

Wellgistics Health also established a $50 million XRP treasury, while leveraging the XRPL for instant, low-cost payments.

Meanwhile, other companies, including Chinese automobile company Webus, have also adopted XRP as a treasury asset and integrated XRPL-related payment system.