In a Twitter announcement on March 28, Star Xu, founder of OKCoin, revealed that OK Group will be partnering with a blockchain trust company, Prime Trust. The plan includes the launch of a stablecoin.
Star Xu, apart from being the founder of OKCoin, an exchange services provider, is also the founder of OKEx, presently the world’s sixth-largest crypto exchange. Prime Trust is a blockchain-based trust company which, according to its bio, ‘provides custody, AML/KYC compliance, funds processing, IRAs, and asset protection to ICOs, real estate, and crowdfunding portals.’
Prime Trust had revealed OK Group’s plans for launching a stablecoin through a tweet on March 27. It said that “Prime Trust and OK Group signed a strategic investment agreement this month. OK Group is our lead strategic investor and plans to launch a compliant stablecoin OKUSD, which will operate OKChain in the future.”
Star Xu further retweeted on March 28, confirming the partnership. He said that he was “very excited about the strategic partnership with Prime Trust.” He further said that the two companies will “carry out an in-depth collaboration and offer diverse, secure and regulatory compliant services with Prime Trust.”
According to the Prime Trust’s tweet, the stablecoin shall operate on the OKChain blockchain. This OKEx blockchain is presently in the final development stages and is expected to get working soon as revealed by the exchange earlier in March. Although little has been revealed about the compliant stablecoin, it is probable that it would be a USD linked-asset on te lines of Tether, PAX and GUSD. OK Group has also announced on March 22 that it plans to test OKChain in June 2019 and it shall substitute as a base for OKEx’s decentralized digital assets exchange.