OK Dollars are digital tokens issued by OKLink and are backed 1 to 1 with real US Dollars for the purpose of instant, verifiable, and secure settlements. OK Dollars are secured by anchoring the OKLink chain to the Blockchain, and the full reserve of USDs are secured by a neutral and reputable Trust Company.
How to purchase and sell OK Dollars
To purchase OKD, a USD wire is made to the Trust Company's account in Hong Kong. OKLink will issue and credit your account with the equivalent OKD immediately. The reserve of USD will be held legally to you by the Trust. Neither OKLink nor other parties on the network have the right to redeem your USD.
You may sell your OKD 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 OKD needed for payout using the mid-market rate and the delivery fee. OKD in your full custody are then sent to a multi-sig escrow account held by you (the Transfer Company), the Delivery Company, and OKLink. The OKDs are only released from the escrow account when you or OKLink confirm that the Recipient has received the transfer. OKLink enables instant settlement while eliminating counterparty risk at the transaction level.
Can transactions be settled using bitcoin?
Absolutely. We are a blockchain technology platform and that means you can use other digital currencies like BTC. You can use BTC just in the same manner that you would use OKD for your transfer transactions. Furthermore, we will be adding more digital currencies in the future.