Portfolio: #Ripple now lists Oceanus as a partner on their landing page. Announced as an ODL partner in November, who is Oceanus and why would they use an #XRP using product? (Starts slow but gets very interesting towards the end..)
🧵 in, uh, a few..
2. Let's get this out of the way upfront - the preceding pic is from their '22 Annual Report, as is most of this info. They went nuts with the "Ripple" theme, but they are an aquafarm co, so not a #Ripple advert 😅 links.sgx.com/FileOpen/Ocean…
3. They are a small global foodtech co, listed on the SGX, established, known for aquaculture; farming, processing, packaging, & distribution of seafood products. #Ripple announced a number of these xborder food trade co's as ODL users. For instance:
4. 2022 was a big year for Oceanus. First, sales rose dramatically (~$85m, +63%) but so did costs given FX challenges, among others. They lost $ expanding as infra grew and their product line expanded - largely meat shipped to China. sg.finance.yahoo.com/finance/news/o…
5. But the big news for #Ripple is an all-in tech effort launching Oceanus Digital Network (ODIN) “synergizing the capabilities of ... subsidiaries on 1 platform,...a managed marketplace solution helps sellers alleviate struggles, by eliminating x-border trading friction & risk.
6. #Ripple isn’t mentioned directly, but ODIN relies on a further innovation, ODIN Pay. The description makes it obvious this is where #ODL is in play, especially given the Line of Credit capabilities.
7. At first, this platform is available to Oceanus subsidiaries, seen here. Notice the various currencies and locations represented; AUS, RMB, TWD, SGP, etc. ODL will be in use here and offering LOC to buyers across borders. So they’ve made Ripple’s front page. (source: Google)
8. And this is where Oceanus gets weird - AP 360 marketing, Resolute Communications, Capy Comm? It turns out that besides fish, Oceanus has significant arm of media/marketing co's, a media group featuring tech-forward Resolute.
9. They’ve leaned into VR (~2020, a clear response to in person restrictions) and done HP showcases. Here they mention products -and check out the B2B digital exchange in the corner! A “blockchain core”! Is it an early version of ODIN Pay, or more? resolutecomms.com/oceanusreality…
10. And now their tech initiatives include Immersive Media Solutions, seeking to be Asia's leading VR provider. You just know these guys walk around the office nodding and muttering "metaverse" to each other! oceanus.com.sg/thetechup/
11. They're also building Shopfront.Club , a D2C platform to "create a seamless shopping experience for customers w/out the upfront capital costs of owning inventory". It sounds like #Ripple's ODL could work here, too? oceanus.com.sg/thetechup/
12. So there is a real question if the marketing/VR arms of Oceanus will find synergy with ODIN Pay or #Ripple, in general. Honestly, it's kind of wild, from aquaculture to VR marketing.
13. (Also, I apologize for using the word "synergy.")
14. TL:DR?
- #Ripple is advertising Oceanus Group’s ODL use.
- They use ODL in a x-border trade payment platform benefitting from the LOC Ripple offers.
- Further, the group has an interesting tech focus that could lead to more integrations, though there is no sign of this now.
15. Monday approaches.
/The end.
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🍿This is wild🍿Turns out there is a soap opera surrounding the #Ripple acquisition of Fortress Trust. Bankruptcy, theft, Terra - this is a ride, so buckle up..
🧵
2. On Sept 7th, Fortress issued a statement they were compromised by a 3rd party. The announcement was largely damage control, though they mention “We also have some big company news we are excited to share later this week..more to come!”
[FORSHADOWING]
3. On Sept 8th,#Ripple announced they were acquiring Fortress Trust. It made sense given their tokenization, regulatory capabilities. Remember, they were already investors in Fortress. It also explains why the annc. came before the paperwork finished. ripple.com/insights/rippl…
Why did #Ripple buy Fortress Trust & how is it different from Metaco? My hunch is it is more about consumers than ODL.
And maybe one other thing.
A 🧵
(Disclaimer: I'm not in the industry so there could be a lot wrong here. Please chime in if you know!) cnbc.com/2023/09/08/rip…
2. the difference?
Metaco doesn't hold DA's on its own behalf. Instead, they provide infra allowing qualified custodians to hold DA's for others. Fortress Trust is a qualified custodian, meaning they actually hold assets & are legally responsible for them. metaco.com
3. So for instance, iTrust Capital integrated Fortress for an IRA program, allowing users to hold crypto assets in their retirement plans. Holdings are highly regulated, segregated & reconciled and Fortress holds these assets for each account. prnewswire.com/news-releases/…
Care about #XRP? #XRPL?
There is an important debate about the XLS-38d Cross Chain Bridge amendment you will want to understand. Why?
Centralization and its legal implications. A simple summary of the discussion. 🧵/9
2. As written, XLS38d Bridges require "witness" servers, a 3rd party server that verifies a chain locks up assets to be represented on another. A witness server testifies Chain A locked up 100 XRP in a "door account" & the the door account on Chain B issued a wrapped 100 eXRP.
3. So how do you "choose" to trust a witness server? Roughly, the door accounts on the chains choose a witness using a multi-signer list. "...the multi-signer's list on the door account are the witness server's signing keys. This is essentially the list of witness servers."
Observation: #Ripple has actually doubled down on crypto, moving away from marketing themselves as a plain payments network. They used to advertise RippleNet w/ crypto options. Now they market themselves as crypto for enterprise, pushing the pay network off center stage. 1/3
If this isn't a change, it could be important corporate clarity. They are not one payments network among many, a Wise or Visa competitor. They are fundamentally about crypto, the XRPL in particular, and this is better reflected in the marketing now. 2/3
A lot of what #Ripple does is interpreted through the SEC lawsuit, with good reason, but this public product refinement looks more like leaning into the crypto world as a credible org than trying to present as a payments network using crypto. Is it more appealing to tradfi? 3/3
FRAMING: In Aug, #Ripple published "Payments by the Numbers Guide." that sets their course very clearly, presenting 3 use cases; remittances, SME payments, & Treasury Flows. Surprised this hasn't generated more discussion as it's illuminating.
1/10, but there are pictures.
2. The doc is straight to the point, using 3 partners to demonstrate 3 use cases for #RippleNet.
REMITTANCES = Tranglo
SME PAYMENTS = Novatti
TREASURY = Pyypl
3. This is important framing & clarifying as these are the major partner/investment annc's from the last couple of years that are using #RippleNet with #XRP. There are other partners of course, but these are the XRP users.
Portfolio: New #Ripple partner Star Dreams General Trading is located in Dubai, "a regional leader in the import, processing and export of agri commodities. " There's not too much to say from the outside looking in, but there are a couple of points.
🧵/7 stardreamsgtl.com/about-us/
2. Based in Dubai, by far the country serviced most is India (if I have accurate data). On it's own, this isn't remarkable, but given India's crypto ambivalence, it's a strong move to use ODL in corridors that might require INR? panjiva.com/Star-Dreams-Ge… reuters.com/world/india/no…
3. They also have shipped a number of places including Benin & UK, only interesting in light of #ODL because Benin uses the West African CFA franc (XOF). Eight African countries share this currency. You can find Columbia & Philippines, too. en.52wmb.com/supplier/67163…