Tuesday, January 31, 2023

QUOINE Partners With Bitfinex, ULS Group to Build Global Trading Platform

QUOINE Partners With Bitfinex, ULS Group to Build Global Trading Platform

Japan-based exchange QUOINE has announced partnerships with Bitfinex and financial IT firm ULS Group, to help develop its LIQUID trading platform. The project aims to build a system that functions as a global pool of liquidity for all crypto and fiat currency traders. 

Also read: Video: Time for ‘Third Generation’ Blockchains, Says Cardano’s Charles Hoskinson

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Making Plenty of QASH

The two agreements also pertain to the “QASH” token QUOINE plans to sell in an ICO. QASH is a standalone token that may be traded anywhere, but also functions as LIQUID’s native reserve currency.

QUOINE LIQUIDUnder its strategic partnership, Bitfinex will help supply liquidity to the network. It also becomes the first major third-party exchange to say it will list the QASH token for trading.

“Each cryptocurrency exchange is not a rival, but a partner to contribute to a more liquid crypto world,” said QUOINE CEO Mike Kayamori.

Bitfinex will list the QASH token after the ICO is complete. Although it’s an Ethereum-based ERC20 token for the purposes of the fundraiser, the plan is to create a new QASH blockchain starting 2019. The ERC20 tokens will be swapped 1:1.

Bitfinex, remains a major player in the blockchain space. Despite being in the news in 2017 mainly for banking problems, it’s still the number one-ranked cryptocurrency exchange by volumes on CoinMarketCap.

ULS Group to Develop New Blockchain for Financial Firms

Under a memorandum of understanding, ULS Group will help develop the new blockchain. The public company, listed on Japan’s JASDAQ, has also previously developed IT systems with Mizuho Securities.

ULS Group JapanULS Group will assist QUOINE in making QASH suitable for financial institutions and fintech startups. This entails developing KYC/AML capabilities, node management, and other features unique to the sector. Development of the new blockchain will be open-sourced.

ULS would need to gain approval from Japan’s Financial Services Agency (FSA) before participating in the token development and sale. QUOINE itself received one of the regulator’s first operating licenses at the end of September 2017.

Japan Regulators Have Mixed Feelings on ICOs

Despite Japan’s permissive approach to digital asset trading (at least under strict licensing requirements) its regulators have been more wary of ICOs.

QUOINE’s own crypto-only exchange QRYPTOS isn’t available in Japan. Ironically, its own ICO isn’t open to Japan-resident investors. It appears that for now, the FSA is open to the idea of Japanese companies holding ICOs, just not selling the tokens locally.

That’s still more open than neighboring China and South Korea, which have each recently banned ICO fundraising completely.

Can cryptocurrency be a global trading market like fiat FX? Let’s hear your thoughts.

Images via QUOINE, ULS Group

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