Japanese Cryptocurrency Exchange Quoine to Expand Services to Canada

Announcements, News | October 27, 2017 By:

Japanese cryptocurrency exchange Quoine will be expanding its services to Canada through its partnership with Canadian FinTech startup Blockwave. Quoinex, the company’s bitcoin exchange and trading platform, is set to hit the Canadian market by the end of the year.

Launched in 2014, Quoinex is one of the largest crypto-fiat 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.

Quoine received its Japan bitcoin exchange license last month and has an initial coin offering underway for its Qash token. The funds will be used to create a native blockchain and enhance the firm’s Liquid platform.

The company’s partnership with Blockwave will leverage on Quoine’s expertise in know-your-customer (KYC) and anti-money laundering (AML) standards. Both parties also plan to launch margin-trading features next year.

Quoine CEO and co-founder Mike Kayamori said they see a lot of opportunity for the company to serve the Canadian market more effectively with a local, trusted partner.

“At Quoine, we believe in collaboration with FinTech startups to help drive our mission to democratize finance by growing the crypto economy,” said Kayamori. “This is why we have launched our own ICO. We envision Qash to be the token of choice for FinTech startups and financial institutions. At a micro level, because we are the issuers of Qash, we will work with FinTech startups to structure promotions and incentive schemes for their users and all Quoine services, including Quoine.”

Kayamori added that their partnership with Blockwave is a first step in that direction for a fruitful collaboration to build up liquidity for cryptocurrency markets in Canada.

Blockwave founder Nick Chong said that they expect the Canadian cryptocurrency exchange market to reach an annual volume of $1.5 billion CAD on 275,000 BTC this year, which is a 10x increase compared to last year’s annual volume.

“After the closure of several domestic exchanges over the past few years, and the retraction of a number of US-based exchanges from the Canadian market last year, Canadian cryptocurrency traders are left with only a handful of choices when it comes to dealing with reliable and reputable exchanges,” said Chong. “Our goal is to become a major player in the industry, and thanks to our partnership with QUOINE we will bring higher levels of crypto liquidity to Canada and advanced trading features, such as margin-trading, that were previously not available to Canadians. “