Quione, one of Japan’s licensed bitcoin exchanges will conduct an initial coin offering for its QASH Blockchain. The Fintech company has partnered on the project with ULS group, a publicly listed company on JASDAQ. Quione will offer tokens for sale based on Ethereum’s ERC20 standard. By Q2 2019, all QASH tokens will be swapped for utility tokens on the live blockchain. The announcement made via press release revealed a Memorandum of Understanding (MOU) between the two firms on a shared roadmap.
Quione Pte Ltd. is one of 11 exchanges licensed to operate in Japan. The firm received license #00002 from Japan’s Financial Services Authority on 29th September after meeting compliance requirements.
Along with the press release, the company shared its white paper outlining a business case for its Quione liquid. Qash is intended as a platform like Ethereum and Bitcoin, with native tokens preferred for financial services.
QUOINE is launching a single globally-sourced trading platform (World Book) with an associated suite of services (Prime Brokerage) that brings together the entire global network of cryptocurrency exchanges to enable the highest level of liquidity to all markets.
The MOU with ULS group suggests a broader plan to build a bank agnostic platform for mainstream trading facilities. ULS has deep experience integrating systems for some of Japan’s traditional financial institutions such as Mizuho Securities.
Shigeru Urushibara, CEO of ULS Group, said of the partnership:
“The ULS-QUOINE partnership is poised to build a strong global blockchain fintech ecosystem using QASH. It is envisioned the QASH Blockchain will further spur a new generation of fintech services in the world, contributing further to the democratization of finance.”
Japanese banks are forerunners in a race amongst financial institutions around the world to capitalize on blockchain technology. In September, Mizuho financial group led a consortium of banks in unveiling J-coin, a digital currency pegged to the Japanese Yen.
Mizuho Financial Group is a holding company of Mizuho Securities with ties to ULS Group. The Japanese Behemoth, with a $45 billion market cap, is already an investor in Quione. ULS group plans to invest in Quione’s November 6 ICO subject to approval Japan’s financial regulator.
Both ULS and Mizuho Group are collaborating on QASH blockchain for mainstream financial institutions, startups and fintech companies.
Mike Kayamori, CEO, and Co-founder of QUOINE said
“We are pleased to work with ULS, a long-standing partner and established financial services provider in Japan to develop the QASH Blockchain for financial services together. Our aim is to further secure and optimize all financial transactions on the blockchain at scale.”
Japanese Banks agree Tokyo’s 2020 Olympics presents an excellent opportunity to make an impression. The race to implement digital currency payments has intensified in the past 12 months. Since passing the Virtual Currency Payments Act in April, the country has toppled China in bitcoin trading volumes with a leading market share of 58%.