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Webus International Limited, a provider of AI-powered mobility solutions, notified the U.S. Securities and Exchange Commission (SEC) of its plan to establish an XRP treasury through a Form 6-K.  The Hangzhou-based corporation first revealed the proposal last week.

The foundation for the company’s future cryptocurrency operations was laid out after a deal with Samara Alpha Management, a U.S.-based investment advisor.

This initiative is intended to support instant international payments for its chauffeur services and booking programs.

This indicated that the company’s business model will incorporate the XRP token. Webus International, which offers AI-powered transportation solutions in several foreign locations, raised $8 million for its initial public offering (IPO) on the Nasdaq in February.

Meanwhile, Ripple’s Chief Technology Officer, David Schwartz, addressed concerns about a potential issuer for XRP, the company’s native coin.  Ripple Labs holds a significant amount of XRP. The network’s power has sparked an ongoing discussion about decentralization.

One X user asked Ripple’s CTO why the CEO of the digital payment network, Brad Garlinghouse, was the spokesperson for both Ripple and XRP. Schwartz explained that though Garlinghouse is the company’s chief, there is no issuer for its native token, XRP. He further noted that the creation of the Ripple ledger coincided with the creation of all current XRP tokens.