Cryptocurrency firm Quoine, the first licensed global cryptocurrency exchange in Japan to launch a global Initial Coin Offering (ICO), has closed its oversubscribed ICO – the QASH Token Sale – and raised $105 million in investment proceeds. The QASH token will be listed on QUOINEX, QRYPTOS and partnered exchanges by 1 December 2017.
The firm launched the token sale in order to fund the growth of the QUOINE LIQUID platform, which is aimed at providing liquidity for investors in the ICO segment of the cryptocurrency market. The QASH Token Sale had 4988 participants from 98 countries worldwide and saw the allocation of 350 million QASH (the equivalent of 350,000 ETH.
Investment proceeds from the ICO will drive the development of the QUOINE LIQUID platform, which aims to connect all major exchanges to a single platform serving both cryptocurrency and traditional finance communities. QUOINE LIQUID reportedly features the World Book, a globally sourced trading platform and Prime Brokerage, which offers direct market access, fiat management, crypto/fiat credit facilities and real-time reporting.
The launch of the platform aims to resolve the liquidity issues that have limited the growth of the global crypto-token economy. The platform is meant to function as a financial utility facilitating the demand for liquidity of various digital tokens currently in circulation. Quoine maintains roots in both Japan and Singapore, which have emerged as hubs for various players in the global cryptocurrency space due to their regulatory frameworks.
In an official statement, Mike Kayamori, co-founder and CEO of Quoine, elaborated: “Liquidity is the lifeblood of any industry, and with new crypto tokens hitting the market every day, the lack of liquidity is becoming a significant problem. In traditional finance, companies such as Goldman Sachs and Merrill Lynch provide liquidity, but there is nobody providing liquidity at scale in the crypto world today.”
