As mentioned in the Company’s interim report for the six months ended 30 September 2018, the Group will seek investment opportunities related to information technologies and financial technologies in Hong Kong and overseas. The Board is of the view that this business would be in the interest of the Company and the Shareholders as a whole.
Therefore, The board of directors of the Company is pleased to announce that on 31 May 2019 (after the trading hours of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”), OKLink Fintech Limited (“OKLink”), an indirectly wholly-owned subsidiary of the Company, and Prime Trust, LLC (“Prime Trust”) have entered into a technology service agreement and an application programming interface (API) funding platform technology agreement (the “Agreements”) for the development of the platform for providing USDK services.
USDK is an “ERC-20” digital asset issued by Prime Trust and operated on the Ethereum blockchain. A USDK is issued and redeemable for one U. S. Dollar by Prime Trust and backed on a one-to-one basis by assets held by Prime Trust for the benefit of holders of the digital assets.
OKLink as a technology service provider, is responsible for developing the USDK smart contract, and with the express instructions from Prime Trust, managing the USDK smart contract to effect minting and burning of USDK.
Prime Trust is a chartered Nevada Trust Company engaged in the business of, among other things, creating, servicing, placing, and managing trusts and providing funds processing, Anti-Money Laundering (AML) and Know Your Client (KYC) compliance, and transaction technology services.