- Oceanus partners with Ripple, leveraging ODL for Odin Pay in Singapore.
- Digitizing trade finance with XRP, Oceanus moves $70 million in 6 months.
- MAS license obtained, Oceanus targets $1 billion GMV market.
Oceanus, a Ripple partner based in Singapore, is making waves with its payment platform, Odin Pay, powered by Ripple’s On-Demand Liquidity (ODL) and XRP. The company’s 2023 annual report sheds light on its performance in the first six months of operation, revealing a staggering $70 million moved through its platform. But what exactly is driving this momentum?
😎Cool to see!
Oceanus is a #Ripple partner in Singapore using ODL(#XRP) for their payment platform, Odin Pay. Their ’23 annual report puts some numbers to the first 6mo of operation, moving $70m. What’s going on here?
🧵1/6https://t.co/fMIeuYJv6i pic.twitter.com/RG46t5D2zo— WrathofKahneman (@WKahneman) April 26, 2024
Primarily, Oceanus is focused on revolutionizing cross-border trade finance within the food shipping industry by digitizing trade documents and bills of lading. Leveraging XRP in their payment flow via ODL, Oceanus aims to streamline and expedite transactions in a sector traditionally plagued by sluggish processes.
The platform’s overview highlights its ambitious vision, likening its impact to the “Ripple” of change and emphasizing the creation of a trade “flywheel” effect. With the platform now live, Oceanus is poised to disrupt the trade finance landscape.
Furthermore, Oceanus has integrated a finance platform to track payments, enhancing credit risk analysis and subsequently driving demand for cross-border payments. The question remains: is this platform fully integrated with ODL, or merely pulling data? The answer could significantly impact ODL’s appeal as a solution.
Oceanus’s acquisition of a Monetary Authority of Singapore (MAS) license is another significant development, mirroring Ripple’s own licensing milestones as Odin Pay was launched. This regulatory approval positions Oceanus to tap into a lucrative market estimated at $1 billion in Gross Merchandise Value (GMV).
However, it’s worth noting that while Oceanus was once listed on Ripple’s site, it no longer appears—an intriguing observation that raises questions about Ripple’s selection criteria. Nonetheless, Oceanus’s early success as a Ripple/ODL-powered platform bodes well for its future endeavors.
