Blockchain-powered fintech startup Quoine raises US$105M in oversubscribed ICO
With offices in Japan, Vietnam and Singapore, Quoine provides trading, exchange and next generation financial services powered by blockchain technology
Quoine Corp., a Tokyo-headquartered global fintech startup that provides trading, exchange and next-generation financial services powered by blockchain technology, has raised US$105 million in Initial Coin Offering (ICO) or Qash token sale.
Started on November 6, the ICO had 4,988 participants from 98 countries around the world. At the end of the sale on November 8, the allocation of 350 million Qash (the equivalent of 350,000 ETH or US$105 million) was oversubscribed, it said in a statement.
The funds raised from the token sale will be used to improve Quoine Liquid, a platform that aims to solve the problem of lack of market liquidity in the crypto economy. Liquid features the World Book (a globally-sourced trading platform) and Prime Brokerage (a suite offering direct market access, fiat management, crypto/fiat credit facilities and real-time reporting).
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Started around three and half years ago, Quoine provides trading, exchange and next generation financial services powered by blockchain technology. With offices in Singapore and Vietnam, apart from Tokyo, Quoine is partnering with cryptocurrency exchanges around the world to build a Global Liquidity Alliance, as part of its Liquid platform. Among its major partners include Bitfinex, Dash, Binance, Blockwave, ZB.com, BW.com, EXX.com, and CEX.IO.
In 2014, Quoine launched a bitocin exchange, called Quoine Exchange (now known as Quoinex), which offers trading features, a user dashboard, and secure regulatory compliance to individual and corporate customers. It provides trading services for bitcoin and fiat currency pairs in Japanese yen, US dollar, Euro, HK dollar, Indonesian rupiah, Singapore dollar, Philippine peso, Indian rupee, Australian dollar, and Chinese Renminbi. Quoinex has exceeded US$12 billion in transactions in the past two years.
In June 2017, Quoine launched a fully-digital cryptocurrency exchange and trading platform called Qryptos, exclusively for cryptocurrency trading in desktop version.
In September 2017, Quoine became the first global cryptocurrency exchange to be officially licensed by the Japan Financial Services Agency (FSA).
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Commenting on the oversubscribed ICO, Quoine’s CEO and Co-founder Mike Kayamori said: “We have a clear fiduciary responsibility now to our token holders. First, from the product development perspective, we have to deliver our product as promised. Quoine Liquid already has the core development, and now we are moving into refining the user experience. Second, we have to provide liquidity by making sure that besides Quoinex, Qryptos and Liquid platforms, other exchanges will be listing our Qash tokens, that there will be price stability, and there is an upward appreciation to all token holders.”
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