QUOINE cryptocurrency exchange has raised $105 million in a significantly oversubscribed initial coin offering (ICO).

The QASH Token Sale, which ran from November 6th to 8th, saw the participation of nearly 5,000 investors from 98 countries. At the end of the sale, the allocation of 350 million QASH (the equivalent of 350,000 ETH or $105 million) was oversubscribed, making it one of the most successful blockchain fintech ICOs globally.

QUOINE said that the funds raised will be directed towards the development of QUOINE LIQUID platform – a solution aimed at transforming the crypto-economy by providing liquidity. It is joining forces with cryptocurrency exchanges around the world to build a Global Liquidity Alliance, as part of the QUOINE LIQUID platform. Recently, QUOINE has partnered with UK-based cryptocurrency exchange CEX.IO to grow liquidity across fiat and cryptocurrency markets.

“QUOINE's mission to unite all major exchanges to one single QUOINE LIQUID platform attracted great interest from the crypto and traditional finance communities, that acknowledge the importance and urgency of liquidity in the crypto space. More powerful than any existing platform in the marketplace, QUOINE LIQUID features the World Book, a globally sourced trading platform and Prime Brokerage, a suite offering direct market access, fiat management, crypto/fiat credit facilities and real-time reporting,” QUOINE said in its official release.

QUOINE is among the first cryptocurrency fintech companies to receive a license from Japan’s Financial Services Agency (FSA). It has been in existence for 3 and a half years with offices in 3 locations: Tokyo, Singapore, and Vietnam.

"I would like to thank everyone who participated in our QASH Token Sale. Our responsibilities are bigger now. We have a clear fiduciary responsibility now to our token holders. First, from the product development perspective, we have to deliver our product as promised. QUOINE LIQUID already has the core development, and now we are moving into refining the user experience. Second, we have to provide liquidity by making sure that besides QUOINEX, QRYPTOS and QUOINE LIQUID platforms, other exchanges will be listing our QASH tokens, that there will be price stability, and there is an upward appreciation to all token holders. I would like to thank everyone, including our team members for your commitment and continued support. And I would like to invite everybody to be a part of this exciting journey,” Quoine CEO and Co-founder Mike Kayamori said.