OKCoin Announce Partnership with Prime Trust on OKUSD Stablecoin
OK Group announced on March 28 that the company has partnered with Prime Trust and will be launching its own stable coin called OKUSD in the future.
I'm very excited about the strategic partnership with @PrimeTrustCo. We will carry out an in-depth collaboration and offer diverse, secure and regulatory compliant services with Prime Trust. I look forward to leveraging our synergies. https://t.co/omrIt2SI5j
— Star Xu (@starokcoin) March 28, 2019
Prime Trust is a U.S.-based blockchain-driven trust company, providing custody, trust, fund processing, anti-money laundering compliance, as well as trading technology with a license issued by the banking regulatory agency of Nevada.
The two parties have reached an agreement on collaboration, in which OK Group has made a strategic investment in Prime Trust and is executing on several critical blockchain initiatives leveraging Prime Trust technologies and services.
The partnership will allow OK Coin to launch a complaint stablecoin OKUSD, which is expected to operate on its own blockchain OKChain in the future.
According to the exchange, its OKChain is currently at the final development stage and expected to launch its testnet this June. The self-developed blockchain is the core of OK’s ecosystem, which will serve as the base network for OKEx’s upcoming decentralized exchange and its native token OKB will be migrated onto when the network is stabilized. And now it is reaching out to stablecoin.
Crypto exchanges are taking active measures to improve itself and help warm up the chill market by initiatives like IEO fundraising amidst the crypto winter.
As of press time, OKB is traded at $1.64, increasing by over 10% in the past 24 hours and hitting a six-month high. Some Chinese crypto investors are expecting the price of OKB have continual surge once the first token sale on its OK Jumpstart begins in the following days.