Open Standard has named Coinbase, Mastercard, Shopify, Stripe and Visa as its first five founding partners, according to comments from CEO Zach Abrams on Sept. 30. Abrams said the company is not structured as a consortium run by hundreds of participants. Instead, day-to-day operations are handled by management, while a smaller group of founding partners holds ownership and governance rights. Other partners will be rewarded based on their contribution to OUSD supply and transaction activity.
Abrams said the five companies invested to become founding partners and each received an equal share of the initial equity. He also said they committed more than $1 billion over the coming months to build liquidity for OUSD. The exact amount invested by each company and their specific ownership stakes were not disclosed. At present, those five firms are the only investors in Open Standard.
He added that the founding partner group is expected to expand to around 10 to 12 companies, with a board made up of founding partners also planned. Separately, the number of partners planning to integrate OUSD has grown from more than 140 in June this year to more than 200, with recent additions including SBI Holdings, UBS and fintech company Jeeves.
Open Standard has brought in Coinbase, Mastercard, Shopify, Stripe and Visa as its first five founding partners, CEO Zach Abrams said on Sept. 30.
Abrams said the company is not a consortium in which hundreds of participants make decisions together. Day-to-day operations are handled by management. A smaller group of founding partners holds ownership and governance functions, while other partners are rewarded based on how much they help drive OUSD supply and transaction activity.
Five companies receive equal initial equity
According to Abrams, Coinbase, Mastercard, Shopify, Stripe and Visa invested to become the first five founding partners and each received an equal share of the initial equity. The five companies also committed more than $1 billion over the coming months to build liquidity for OUSD.
Open Standard did not disclose how much each company invested or the size of their individual ownership stakes. Abrams said those five companies are currently the only investors in the company.
More partners are expected to join
Abrams said he expects the number of founding partners to rise to about 10 to 12 in the future, and the company plans to form a board made up of founding partners.
At the same time, the number of partners planning to integrate OUSD has increased from more than 140 in June this year to more than 200. Recent additions include SBI Holdings, UBS and fintech firm Jeeves.
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