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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Here's is the investor presentation ex.-99.1 for Evernorth! It clarifies and titillates :) I haven't clipped them all, but most here. Take a look, especially at 6 & 9. 🧵
Here is the 8-K form for the #Ripple backed SPAC merger w/ Armada Acquisition Corp II to hold #XRP. Ripple is a named party in the agreement. 1/3
2. One clause requires Evernorth to buy #XRP equal to the advance funding proceeds within ten days of closing. (Opinion) The contract uses “purchase,” not “transfer” or “acquire from Ripple” so I believe these are open market buys.
3. The wallet will be operated by Pubco (Evernorth) to function as a company whose balance sheet intentionally holds XRP as a core reserve. It will be a public, regulated co - we will know the financials of this entity because it will be listed.
#Ripple/Securitize/BlackRock/VanEck: What does it all mean? The short version is that Securitize has tokenized some funds from big players. Now, they have made a contract for seamless redemption to #RLUSD.
So what?
A thread.
2⃣ What are these funds?
>BUIDL is BlackRock’s tokenized money market fund, a cash management tool to safely park cash.
>VBILL is VanEck’s tokenized U.S. Treasury Bill fund. Used by trading desks, hedgefunds wanting crytpo T-Bills.
3⃣ Securitize issues tokens representing both funds. Now they have a smart contract that lets holders redeem them in RLUSD, 24/7. No waiting for banks or end-of-day bank processing. Call it programmable liquidity.
Unpacking the #Ripple/Gemini news. What exactly is going on? The whole may be greater than the sum of it's parts. (It gets weird in #5) This week has brought interesting news to ponder if this is more than just a loan ⤵️ 1/8
2⃣Gemini’s SEC filing shows a revolving credit facility from #Ripple, a line of credit basically, up to $75M USD, expandable to $150M.
> Min draw is $5M
> Interest 6.5% or 8.5% depending on the collateral, which likely includes crypto.
Pretty standard before an IPO, but⤵️
3⃣The unusual part is that once Gemini borrows past $75M, additional draws can be in #RLUSD. It doesn't require or force RLUSD use, it just makes it available. It could embed RLUSD into a regulated exchange’s financing, but they don't have to.
📰📰#Ripple’s OCC Banking License application is now available! Vol. 1 is the public release. The application provides some clues about Ripple’s intentions and structure to consider.
1/6
2⃣First, and maybe obviously, Ripple is applying to charter a limited purpose OCC-regulated national trust bank. It would enable custody of RLUSD reserves and operating regulated infrastructure for tokenized finance and …...future Fed access (?).
3⃣So it won't be retail. The CRA says it doesn't apply "to national banks that don't engage in any lending or deposit-taking activities &whose biz consists exclusively of fiduciary activities.” No deposits or lending, strictly B2B banking & infrastructure. Probably obvious.
A couple of highlights from the latest SBI report pertaining to #XRP & #Ripple. 1/3
[1] Some detail about adoption: SBI cites Ripple Payments in use by 100+ FI's across 55 countries. This is different than the oft cited 300 FI's, which may be using other products.
[2] They seem to be for crypto ETFs, including #XRP
[3] SBI has plans for #RLUSD. (Note the restrictions on JPY-backed stablecoins, too)