Ormita Commerce Network Ltd, the world’s largest multilateral barter exchange trading system; together with WDX Organisation Ltd. (“WDX”), the owner and distributor of the WOCU® world currency unit, today jointly announced the integration of the WOCU into proprietary Ormita trade platform.
The WOCU is a proprietary weighted currency basket encompassing the exchange rates of the local currencies of the World’s twenty largest economies. The WOCU exchange rate reflects market rates and naturally adapts to and balances out economic growth over time across disparate national economies – and can be compared to a “Super – SDR.”
The Ormita Commerce Network provides a multilateral barter trade platform to businesses, fortune 500 corporations and governments. Ormita monetises capacity in areas which are asset rich but cash poor. When credit is hard to come by, surplus capacities are often found wanting of a market. On the other hand, buyers for those products may exist but be unable to afford traditional forms of payment. If both buyer and seller suffer from excess capacity (or able to generate new sales at a lower incremental cost) then a trade can be made utilising a form of multilateral barter – and the needs of both participants can be met. As more cash expenses are offset in this manner the need for national currency is reduced accordingly and the profitability of each subsequent transaction rises.
The Ormita platform incorporates essential supply-chain elements from raw materials (typically sourced from government transactions) through to consumer goods (produced by manufacturers using those raw materials as inputs into their production cycles) and, finally, to the services-sector and end-users. This allows participants the ability to save money on their ordinary cash expenses and avoid the problems created by inflationary and/or deflationary monetary cycles.
“This strategic relationship provides a unique difference in the way international trades are conducted. There are opportunities for great synergies between the two companies and this integration will help Ormita clients further mitigate foreign exchange risk in international multilateral barter exchange and countertrade transactions,” says Ormita co-founder and CEO Daniel Evans.
Mike Blakey, CEO of WDX, commented: “Integration into Ormita’s strong barter exchange trade platform allows Ormita to incorporate the WOCU a standardised, apolitical currency basket to reduce pricing volatility in international transactions on the Ormita exchange. Although not mandatory, Ormita member accounts may also be denominated in WOCU, which can provide a further hedge against future global financial instability.”
Since companies that enter into barter transactions via Ormita otherwise wouldn’t be doing business with one another normally the transactions entered into (sales) are incremental business.
About WDX Organisation Limited and the WOCU:
WDX is a private company based in London, England. It is the owner and distributor of the WOCU, a standardised, apolitical, real time derivative currency quotation based on the real time exchange rates of the currency pairs of the world’s top 20 nations as determined by IMF measures of GDP. The WOCU, its constituent currency pairs weighted in line with GDPs, is a generally less volatile currency unit than traditional currency pairs, balancing currency risk and offering commercial advantage for users.
WOCU prices, information about WDX and other data can be found at www.wocu.com.
WOCU is a registered trademark of WDX.