OK Dollars (OKD) are open source digital tokens issued by OKLink and are backed 1 to 1 with USD for the purpose of instant, verifiable, and secure settlements. It is a medium of transaction settlement between companies on the OKLink network. The full reserve of USDs are secured by Equiom, a neutral and reputable trust company in Hong Kong.
Why use OK Dollars?
OK Dollars are a digital representation of USD and provide the option of settling transactions using a secure digital token backed by a global currency. OK Dollars are real-time and secure as a cross-border transfer settlement option.
How to purchase and sell OK Dollars
To purchase OK Dollars, you have to make a USD wire to Equoim’s account in Hong Kong. OKLink will then issue and credit your account with the equivalent OK Dollars immediately. Neither OKLink nor other parties on the network have the right to redeem the USD, which is held legally to you by the trust company.
You may sell your OK Dollars on the platform for the exact same amount in USD (1 OKD = 1 USD) and receive a wire in your USD bank account.
How OK Dollars are used in every transfer
For each transfer, OKLink will calculate the exact amount of OK Dollars needed for payout using the mid-market rate and the delivery fee. The Transfer Company will then send OK Dollars to a multi-sig escrow account, with keys held by the Transfer Company, the Delivery Company, and OKLink. The OK Dollars are only released from the escrow account when the Transfer Company or OKLink confirms that the Recipient has received the transfer. OKLink enables instant settlement while eliminating counterparty risk at the transaction level.
If you have questions about anything regarding OK Dollar, please contact us at firstname.lastname@example.org.