Singapore-based cryptocurrency exchange company QUOINE Pte Ltd. has entered into a Memorandum of Understanding (MOU) with JASDAQ listed ULS Group to create the QASH blockchain, which QUOINE unveiled in its product roadmap whitepaper for the QASH token sale.
The QASH token is currently based on the Ethereum blockchain for the ICO, but QUOINE will do a token swap to utility tokens based on its own QASH blockchain, which is slated to be launched in Q2 2019.
QUOINE will be the first licensed global cryptocurrency exchange in Japan to launch a global Initial Coin Offering (ICO), also known as the QASH Token Sale. QUOINE Corporation was officially licensed by the Japan FSA on September 29th, 2017.
ULS Group has extensive experience in providing one of the leading system integrators in Japan for Japanese traditional financial institutions such as Mizuho Securities, a subsidiary of Mizuho Financial Group, one of the largest financial groups in Japan, with a market cap of USD 45bn. The group, also a QUOINE investor, will build out its blockchain capability for financial services together with QUOINE. Further, ULS Group will participate in the QASH token sale upon them receiving participation approval from the Japan FSA.
QUOINE and ULS Group have mutually agreed to develop the QASH blockchain to cater for financial institutions; innovative fintech startups and fintech companies. Financial services companies can enjoy the features of the QASH blockchain specifically for the financial services industry, which include, AML/KYC, node management, and many other financial services features.
Mike Kayamori, CEO, and Co-founder of QUOINE stated:
“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. Our QASH token will also be used to fuel our QASH blockchain services, further increasing the utility of QASH as the preferred token for financial services.”
Shigeru Urushibara, CEO of ULS Group, stated:
“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.”
The development of the QASH blockchain will be open sourced. All global blockchain developers and fintech innovators are invited to participate. Participation details will be announced at a later date.