QUOINE, a global cryptocurrency exchange, and fintech company announced that they signed an MOU with Quantstamp Inc. aimed to enhance the smart contract security of select projects conducting their ICO on QUOINE’s ICO listing and crypto-to-crypto trading and exchange platform, QRYPTOS.
Quantstamp is developing a security protocol that audits smart contracts using formal verification techniques to find vulnerabilities before they are published to the blockchain. Quantstamp is designing its audits to be secured and verified by a distributed network of nodes, much like an Ethereum node secures and validates an Ethereum transaction.
This model is intended to make the Quantstamp protocol a scalable and cost-effective solution to the smart contract crisis.
[perfectpullquote align=”full” bordertop=”false” cite=”Quantstamp CEO Richard Ma” link=”” color=”” class=”” size=””]”Quantstamp’s mission is to be the security infrastructure upgrade for blockchain technology. I believe we are taking a powerful step towards our common vision.”[/perfectpullquote]
Currently, over 256 million USD in Ether were either lost or stolen due to faulty smart contracts.
The QRYPTOS platform manages the token sale process on behalf of a token issuer. This management attempts to streamline the token sale process for token issuers, enhance security measures and provide a safe participation process for the crypto community. After a token sale is conducted on QRYPTOS, the token is immediately tradable on its platform.
In early November 2017, QUOINE raised 350 million QASH (the equivalent of 350,000 ETH or over 280 million USD) in their oversubscribed token sale. The QASH token sale had 4,988 participants from 98 countries around the world, making it one of the most successful blockchain fintech token sales globally.
[perfectpullquote align=”full” bordertop=”false” cite=”QUOINE CEO and Co-founder Mike Kayamori” link=”” color=”” class=”” size=”20″]”Being the first global cryptocurrency fintech company to receive a license from the Japan Financial Services Agency, it is our mission to foster security and compliance to safeguard our customers’ assets on our trading platforms. By further developing our partnership with Quantstamp, we expect to further enhance ICO security in the crypto ecosystem and extend Quantstamp’s Proof-of-Caring spirit to the QUOINE community.”[/perfectpullquote]