Video-sharing social networking platform TikTok on Saturday voiced hope that an agreement reached by its Chinese parent company ByteDance with Oracle and Walmart will "resolve the security concerns of the U.S. administration and settle questions around TikTok's future in the U.S".

Axar.az reports that, the Los Angeles-based company issued a statement Saturday afternoon, hours after U.S. President Donald Trump said he had approved a deal between the three parties.

TikTok disclosed some details about the three-party agreement handed over to the authority Monday and weighted by the White House so far, saying Oracle will become its "trusted technology provider," and Walmart will play a role in "commercial partnership."

U.S. Commerce Department Secretary Wilbur Ross noted that Trump has provided until Nov. 12 for the national security concerns posed by TikTok to be resolved. "If they are, the prohibitions in this order may be lifted," Ross said.