January 21, 2018 10:40 AM ET

Capital Markets

Company Overview of QUOINE Pte. Ltd.

Company Overview

QUOINE Pte. Ltd. provides a Bitcoin trading platform for businesses and consumers to allow the exchange of virtual currencies. It offers QUOINE, a platform for managing operational risk and services that allow the exchange of virtual currencies, such as Bitcoin for fiat currencies. The company’s platform is used for multi-currencies, margins, Bitcoin futures, and Algo trading. QUOINE Pte. Ltd. was incorporated in 2014 and is based in Japan, with offices in Singapore and Vietnam.

2-7-3 Hirakawacho

Chiyoda-ku

Tokyo,  

Japan

Founded in 2014

Key Executives for QUOINE Pte. Ltd.

Co-Founder and Chief Executive Officer
Co-Founder, Chief Technology Officer and President of Product
Japan Chief Executive Officer
Chief Risk Management Officer
Vice President of Platform
Compensation as of Fiscal Year 2017.

QUOINE Pte. Ltd. Key Developments

EXX and QUOINE Announce Strategic Liquidity Partnership

EXX.com announced a partnership with QUOINE to support and facilitate liquidity across isolated cryptocurrency & fiat markets. Liquidity is always a top priority for EXX. The partnership will create a borderless liquidity pool through QUOINE LIQUID, a global trading platform backed by QASH. QASH is the native currency of QUOINE LIQUID, and can be used to transact at lower rates. EXX.com will support the development of QUOINE Liquid through listing QASH for trading once the ICO has concluded.

Quoine and Quantstamp Announce Proof of Caring Partnership

QUOINE announced the Proof-of-Care alliance with Quantstamp, the first protocol for smart contract security-auditing. The partnership signals an aligned mission among crypto startups and stakeholders to provide security to blockchain users. Both QUOINE and Quantstamp are addressing critical issues for the crypto ecosystem, the support of their communities is crucial in accelerating the mainstream adoption of cryptocurrencies. They cannot fulfill their missions without the help of a community who support them and believe in a more democratized, decentralized world.

B2C2 Sues Quoine for $3.8 Million

first legal dispute involving the cryptocurrency bitcoin has erupted over trade proceeds worth around USD 3.78 million (SGD 5.1 million). B2C2 announced that it placed orders on Quoines platform to sell ethereum another cryptocurrency for bitcoin at the price of 10 bitcoins for one ethereum. The orders were filled in a series of trades on April 19, resulting in B2C2 paying 309.2518 ethereum for 3092.517116 bitcoin. The bitcoin was credited into B2C2s account that day. But the next day, the trades were reversed by Quoine, which is incorporated here, and the proceeds allegedly misappropriated from the account without authorisation. Quoine told B2C2 that it was entitled to do so because the trades were mostly trades with huge mark-up over fair global market price, the suit said. B2C2 claims Quoine had acted fraudulently because the agreement stated that an order, once filled, is irreversible. It is seeking to recover 3084.78582325 bitcoin from Quoine in the High Court. No dollar value for that amount of bitcoin was provided in the lawsuit but according to cryptocurrency exchange CoinDesk, that amount translates to USD 3.78 million based on an exchange rate of USD 1,226.94 for a bitcoin on April 19. Quoine in turn claims that B2C2 is being opportunistic and seeking to profit from a technical glitch It said the trades were inadvertently executed at the abnormal rate of. 10 bitcoins for one ethereum, which was approximately 125 times higher than the actual market price of ethereum on April 19 because of a technical glitch. It said the average market price that day was only about 0.03929075 bitcoin for one ethereum. The glitch severely disrupted Quoines ability to retrieve actual market prices for bitcoin and ethereum. It said the glitch arose because it was reconfiguring passwords for its critical systems to fend off persistent attempts by hackers to break into its systems. Given the stark difference between the abnormal rate and the actual market prices of bitcoin and ethereum on April 19, B2C2, which Quoine called a sophisticated investor with experience trading virtual currencies, should have suspected the abnormal rate was a mistake. It also noted B2C2 had done other bitcoin and ethereum-related trades on Quoine at prevailing market rates between April 15 and 18. Quoine said that Public resources such as CoinDesk and WorldCoinIndex would have shown that the abnormal rate could not be an accurate reflection of the market prices of these two virtual currencies on April 19.

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