Japan-based fintech firm QUOINE announced on Thursday it has entered into a Memorandum of Understanding (MOU) with ULS Group to create the QASH Blockchain. According to QUOINE, the QASH token is based on the Ethereum blockchain for the ICO, but the company will do a token swap to utility tokens based on the QASH Blockchain, which is slated to be launched the second quarter of 2019.
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, added:
“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.”
QUOINE claimed it 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. 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,