Singapore's VC-backed Quoine raises $105m via ICO
Singapore-based Quoine, a financial technology company backed by Japan’s Jafco, has raised $105 million via an initial coin offering (ICO).
The company realized the capital raise by allocating some 350 million units of a cryptocurrency token known as Qash in an oversubscribed sale. It is being touted as one of the largest blockchain ICOs globally.
“Our responsibilities are bigger now. We have a clear fiduciary responsibility now to our token holders,” Mike Kayamori, co-founder and CEO of Quoine, said in a statement. “First, from the product development perspective, we have to deliver our product as promised.”
Founded in 2014, Quoine offers a number of security-focused virtual currency trading platforms that use high-speed database technology and specialized programming languages. The company said it expects to focus upcoming operations in part on refining user experience and expanding the number or exchanges that trade Qash.
Jafco led a $20 million Series A round for the company last year alongside an undisclosed venture capital investor. The investment followed a $2 million seed round in 2014 from a number of Japanese and Asian angel investors.
Quoine expects to leverage Japan’s emergence as a cryptocurrency investment hub. Additional venture capital participation in this space includes a Series B round for US-based exchange Kraken by SBI Investment, the VC arm of Japan's SBI Holdings, as well as a $4 million venture round for Tokyo-based exchange operator BitFlyer.
Recent activity by Jafco includes a JPY1.6 billion ($14 million) commitment to Japanese cryptocurrency exchange platform operator Tech Bureau. The investment followed closely on a $9 million round for the company from Nippon Technology Venture Partners, Fisco Capital, and ABBALab.
ICOs, which entail the sale of business exposure rights in the form of digitized tokens, have become an important source of capital for early-stage fintech companies. Fraud concerns, however, have prompted regulatory restrictions in a number of regions across Asia, including Greater China, Singapore and Korea.
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