Quoine Raises $105 Million in Oversubscribed ICObr>
Japanese FinTech firm Quoine has raised $105 million in an oversubscribed initial coin offering (ICO). The Qash token sale ran from November 6-8, and saw the participation of 4,988 investors from 98 countries.
Quoine is a global Fintech firm that provides trading, exchange, and next-generation financial services powered by blockchain technology. In 2014, Quoine launched its crypto-fiat exchange Quoinex, which is now one of the largest exchanges in the world, with over US$12 billion worth of transactions in the past two years. The platform 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.
The company said that the funds raised will be used to further develop its Quoine Liquid platform. The platform aims to provide access to greater liquidity for a growing customer base of cryptocurrency traders, token participants and issuers.
“I would like to thank everyone who participated in our Qash token sale,” said Quoine CEO and co-founder Mike Kayamori. “Our responsibilities are bigger now. We have a clear fiduciary responsibility 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 Quoine 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. 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.”
The company also announced its strategic liquidity partnership with UK cryptocurrency exchange CEX.IO to grow liquidity across fiat and cryptocurrency markets.
CEX.IO CEO Oleksandr Lutskevych said the partnership will pave way for a much greater liquidity pool for all players in the crypto market.