Wellgistics Well being Inc. is deploying an XRP Ledger-based fee system for hundreds of pharmacies throughout the US, deepening its wager on blockchain because it seems to be to overtake healthcare finance.
The Nasdaq-listed distributor (WGRX) has introduced that its new platform permits unbiased pharmacies to pay for drug stock and transfer funds immediately, bypassing banking delays and excessive bank card charges.
Built-in with RxERP, a serialized pharmaceutical e-commerce and enterprise useful resource planning system, this system guarantees real-time monitoring, decrease prices, and direct settlement between pharmacies and distributors. Pharmacies can now enroll within the beta model of this system.
The system is constructed on the XRP Ledger (XRPL), an open-source blockchain with core improvement led by Ripple Labs. With a community of greater than 6,500 pharmacies and 200 producers, Wellgistics is likely one of the first healthcare corporations to launch an XRPL fee resolution at scale. Chief Government Brian Norton mentioned pharmacy homeowners have embraced the initiative, calling them extra forward-thinking on blockchain than many within the business assume.
This system permits pharmacies to settle invoices over XRPL, although Wellgistics has not disclosed whether or not individuals should maintain XRP immediately or use fiat-to-XRP conversions for settlement.
This system was designed to fulfill strict compliance requirements, together with HIPAA and anti-money laundering necessities. After the pharmacy rollout, Wellgistics plans to increase the platform to producers and check direct-to-patient applications, permitting medicines to be shipped from drugmakers on to sufferers below doctor oversight.
The initiative builds on a Could 8 announcement that Wellgistics intends to make use of XRP not only for funds but additionally as a treasury reserve asset. That plan is backed by a $50 million fairness line of credit score, which administration mentioned would assist programmable liquidity and on-demand monetary infrastructure throughout its healthcare community.
Based as Wellgistics LLC in 2016, the corporate was acquired by Danam Well being in September 2024 earlier than being spun off by an preliminary public providing in February 2025. Right this moment, Wellgistics Well being operates as a standalone Nasdaq-listed entity, offering wholesale distribution, prescription routing, and AI-powered hub companies to pharmacies nationwide.
Shares have dropped greater than 80% for the reason that February debut. They closed Tuesday at $0.62, down 7%, earlier than rising to $0.65 in after-hours buying and selling.
By linking pharmacy funds to the XRP Ledger whereas making ready to carry XRP on its stability sheet, Wellgistics is positioning itself as each a person and monetary backer of the blockchain. The twin-pronged method marks a uncommon occasion of a publicly traded healthcare firm integrating crypto into each operations and treasury administration.
