Japanese Crypto Firm Quoine Launches ICO Platform
The digital marketplace will handle AML, KYC requirements
Japanese blockchain firm Quoine announced on Sunday it has launched its Initial Coin Offering (ICO) platform, which the company describes as an all-in-one ICO execution service that provides a safe haven for both token participants and token issuers.
The platform, dubbed ICO Mission Control, will initially be integrated within Quoine’s crypto-to-crypto exchange Qryptos, before becoming part of the forthcoming Liquid platform, for which Quoine raised USD 105 million in its token sale in October 2017. For new blockchain companies, Mission Control will handle statutory Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements, Quoine revealed in a press release.
The cryptocurrency market is growing fast in recent years, offering lucrative investment opportunities, but also attracting scammers who seek to take advantage of its nascent nature. According to New York-based ICO advisory company Satis Group, 80% of the ICOs are scams and only 8% of the reliable projects actually make it to an exchange.
Quoine Co-founder and CEO Mike Kayamori noted that launching an ICO in the current climate requires a lot of caution on the part of token issuers. He added that 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 and fake deposit addresses.
“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.”
Quoine’s launch partner and the first ICO to be hosted on ICO Mission Control will be Vuulr, a Singapore-based digital marketplace for broadcasters. Vuulr’s ICO will start on May 9 and continue until May 30, the company revealed in a separate statement. There will be a total supply of one billion VUU tokens, of which 35% will be allocated to the ICO. The raised funds 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.
Vuulr CEO Ian McKee commented: “We are excited to be the first token issuer to launch an ICO on QUOINE's ICO Mission Control. VUULR gets access to a huge base of crypto enthusiasts who can make full use of QUOINE's secure and efficient platform.”
Quoine was launched in 2014 and became the first global cryptocurrency exchange to be officially licensed by the Japan Financial Services Agency (FSA) in 2017. The company provides trading, exchange and next generation financial services powered by blockchain technology. With offices in Singapore and Vietnam, apart from Tokyo, Quoine is partnering with cryptocurrency exchanges around the world to build a Global Liquidity Alliance, as part of its Liquid platform. Among its major partners are Bitfinex, Dash, Binance, Blockwave, ZB.com, BW.com, EXX.com, and CEX.IO.