FinTech Firm Quoine Launches ICO Platformbr>
Japanese FinTech firm Quoine has created a new initial coin offering (ICO) platform that provides a safe haven for both token participants and token issuers.
Called ICO Mission Control, the new platform, which is integrated with Quoine’s crypto-to-crypto exchange Qryptos, is an end-to-end solution aimed at helping blockchain projects conduct ICOs in a flexible, secure, transparent and scalable manner that adheres to best practices of know your customer (KYC) and anti-money laundering (AML).
Quoine said that participation in ICOs through its platform would be allowed only for those participants who are signed up and KYC-verified on Qryptos. New buyers will be able to sign up on Qryptos in order to take part, with each token issuer alloted a dedicated ICO landing page to direct potential token participants. ICO issuers can initiate an ICO on the platform in just a few minutes, and market participants can purchase tokens with instant settlement.
The first ICO to be hosted on the ICO Mission Control platform will be blockchain firm VUULR, offering VUU tokens for their ICO launch on May 9. There will be a total supply of one billion tokens, of which 35% will be allocated to the ICO. The funds received from the ICO will be used to build and deploy a global digital marketplace for broadcasters, distributors ,and content sellers to buy and sell films and TV shows online, powered by blockchain technology.
Mike Kayamori, Quoine Co-founder and CEO, said that launching an ICO in the current climate requires a lot of caution on the part of token issuers. He said in the last 12 months, there have been a number of serious problems with ICOs, including leaks of email addresses and customer data, website hacks, phishing attempts, fake deposit addresses, and much more.
“This has left token participants shaken and wary about participating in ICOs, while token issuers now have to go to great lengths in order to ensure their communities do not fall victim to scams,” said Kayamori. “Quoine’s ICO Mission Control removes these pain points so token issuers can focus on more productive aspects of their work, such as product development or marketing. With the launch of ICO Mission Control, we aim to bring global standards of security and technology to provide a safe, secure ICO launch for all token issuers and participants in the new crypto economy.”
Seth Melamed, Quoine Senior Vice President and Head of Operations, said the new platform was born from their experience of running their own QASH ICO in November 2017. He said they learned first-hand the challenges of running a large scale ICO, including client on-boarding, analytics, volatile cryptocurrency prices, understanding how to most effectively reach participants.
“From our own ICO experience, we decided to build a platform that solves the problems we faced and provide a tool for blockchain projects around the globe,” said Melamed. “One of the biggest challenges with any ICO is getting people signed up and KYC verified. From a buyer’s perspective, it’s annoying and a waste of time having to sign up every single time you want to take part in a token sale. QUOINE has industrialized the process of performing KYC. With the ICO Mission Control platform we are helping token project teams to focus on their blockchain innovation project instead of checking passports.”