RockStable Announces Deal with Prime Trust
Updated: Jan 21
November, 2019 (Las Vegas) RockStable has signed a deal with Prime Trust (an API-based bank) wherein RockStable will provide the infrastructure for management of the ROKS stablecoin. Prime Trust will use the infrastructure to release ROKS for every US dollar deposited to the bank. Every USD received will then form the backing for ROKS.
The significance of this is that ROKS can now be legally bought in the U.S. through the RockStable website using the Prime Trust API in the back-end. ROKS is a stablecoin initially targeted for the remittance use-case, particularly remittance to the Philippines. There are now more than ten million Filipinos who work outside of the Philippines and practically all of them send money back home on a monthly basis to support their families. They can soon save a little money by exchanging their USD for ROKS for sending to their families in the Philippines. Unlike other remittance methods, using ROKS allows recipients to receive ROKS directly. They can then exchange ROKS to PHP or USD at a local exchange. RockStable will announce an exchange partner and a bank partner in the Philippines early next year.
RockStable (https://rockstable.io) is the technology startup who built the ROKS infrastructure. RockStable is registered in Wyoming, USA and was started and is run by Filipino overseas workers themselves Carlos C. Tapang (Microsoft alumnus), Patrick Viernes (Microsoft alumnus), and Ken Bugayong (ex-Banko Sentral ng Pilipinas fund manager in charge of $30 billion worth of gold).
Prime Trust is a crypto-friendly fiat bank based in Las Vegas. "USDS from Stably and now ROKS from RockStable. Stablecoins will have a significant impact in FinTech and Prime Trust will power this part of the cryptocurrency revolution", says Scott Purcell, CEO of Prime Trust. "We have been waiting for a remittance solution in this space, and now with ROKS we can finally provide this benefit to our users worldwide", added Jimmy Bingham, Business Development Executive at Prime Trust.