OK Group and Prime Trust to Collaborate on Stablecoin

By Emily Rys | March 29, 2019
OK Group and Prime Trust to Collaborate on Stablecoin

OK Group, which runs one of the world’s largest cryptocurrency exchanges OKex, has entered into a strategic collaboration with Prime Trust, involving an undisclosed amount of investment into the latter as well as the possible launch of a new stablecoin.

Prime Trust is an American technology-driven trust company licensed by the banking regulatory agency of Nevada – the Financial Institutions Division. It provides services including custody, trust, fund processing, anti-money laundering compliance, and trading technology to both US and international clients.

On March 27, its CEO and Chief Trust Officer Scott Purcell announced on the company’s official blog on the collaboration with OK Group to deploy blockchain-related initiatives employing Prime Trust technology.

According to the blog post, both companies are also joining forces to leverage each others’ competitive advantages to launch a new stablecoin together. Called OKUSD, it looks likely that it might be pegged to the US dollar although no confirmation on this has been made so far by either company. Purcell writes that the coin “is expected to transfer to a sophisticated public chain OKChain to provide diverse, secure, and stable services to both parties”.

In a tweet confirming the collaboration, OK Group founder Star Xu said (Mar 28) the joint effort will “offer diverse, secure and regulatory compliant services with Prime Trust”.

Earlier this month, The Crypto Sight reported that Prime Trust had also teamed up with Velocity Ledger Financial to build digital assets custody.

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