In the latest cryptocurrency news, we have the major OKCoin exchange with its latest decision to invest an undisclosed amount of money in the crypto custody provider Prime Trust.
According to a note sent to customers on Wednesday, the CEO of Prime Trust and chief trust officer Scott Purcell said that the firm has decided to close a “nice” funding round that was led by the California-based exchange.
Among the other participants in the round funding the OKCoin exchange decision were Gateway Blockchain Partners, Novablock Ventures and Xsquared Ventures. According to Purcell, no details are disclosed yet.
Right now, Prime Trust serves as the OKCoin exchange fiat gateway. According to an announcement by the exchange, there is a new payment channel allowing customers to deposit funds through Prime Trust without any fees. However, the withdrawals are charged at $35 fee for each transaction.
Last month, Prime Trust commented the partnership with the OKCoin exchange which was featured on many best cryptocurrency news sites. Then, the company said that it plans to launch a compliant stablecoin named “OKUSD” which will operate in the OKChain blockchain. The development of the network will be in the “final” stage, according to OKEx’s statement from last month.
On top of that, the coming altcoin news show that a new decentralized exchange (DEX) launched by the OKCoin exchange is also on the horizon.
Meanwhile, Prime Trust which is a Nevada-based financial company, quietly entered the crypto custody of digital assets any longer which is in line with its custody services for stocks and bonds.
As Purcell told media outlets at the time, the decision for OKCoin exchange to partner with Prime Trust has many other sources of revenue that make up for the removal of custody fees.
“We make money just as Robinhood, Northern Trust and other traditional custodians do. The costs of custody are offset by other services,” Purcell explained.
This is definitely something that stirred up the market from a positive viewpoint, allowing traders to speculate on the potential novelties that the partnership could bring.
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