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Quoine gets $105 mln from oversubscribed ICO

Quoine, the Singaporean fintech behind the Japan-regulated cryptocurrency exchange Quoinex, has gotten the equivalent of $105 million, through the QASH Token Sale, the company said. 

 

The Initial Coin Offering (ICO) started on November 6 and by the end of November 8 had 4,988 participants from 98 countries around the world. The sale has allocated 350 million QASH tokens (the equivalent of 350,000 ETH or $105 million) and was ovesubscribed. According to Quoine, this is “one of the most successful blockchain fintech ICOs globally”. The QASH token will be listed on QUOINEX, QRYPTOS and partnered exchanges by December 1st.

 

The company notes, however, that despite its apparent big success, studies show that most ICOs fail and need more than a white paper, a good idea and a team of advisors.

 

The funds raised from the ICO will be used for the further development and completion of the Quoine Liquid Platform. It is a solution that will transform the crypto economy by providing liquidity. Quoine 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. Other partners in the project are major cryptocurrency exchanges and fintechs like Bitfinex, Dash, Binance, Blockwave, ZB.com, BW.com, EXX.com, and CEX.IO. Currently the platform is in early stages of development. 

 

 "I would like to thank everyone who participated in our QASH Token Sale. Our responsibilities are bigger now. 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. Qoine 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 QUOINE LIQUIDplatforms, other exchanges will be listing our QASH tokens, that there will be price stability, and there is an upward appreciation to all token holders. I would like to thank everyone, including our team members for your commitment and continued support. And I would like to invite everybody to be a part of this exciting journey", said Quoine’s CEO and Co-founder Mike Kayamori.

 

Quoine is among the leading cryptocurrency exchanges in terms of transaction volume (exceeding $12 billion in the past two years, by company estimates). The company has offices in Singapore, Japan and Vietnam. Recently it became the first exchange platform to be licensed by Japan’s Financial Services Agency (JFSA). 

 

TAGS: quoine  quoinex  ico  quash 
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