VUULR, a blockchain-based digital supply chain and marketplace for the Film & TV content industry, has announced that it will be launching its Initial Coin Offering (ICO) with QUOINE, a global fintech company that provides cryptocurrency and blockchain asset trading, exchange, and financial services powered by blockchain.
QUOINE, one of the first to receive an official license from the Japan Financial Services Agency has now unveiled its ICO Mission Control platform, an ICO hosting service that provides a safe haven for both token participants and token issuers. The platform is integrated with QUOINE’s crypto-to-crypto exchange, QRYPTOS.
VUULR’s ICO will be the first hosted by ICO Mission Control, with an initial offering of VUU tokens scheduled on May 9th. There will be a total supply of 1 billion tokens, of which 35% will be allocated to the initial token offering. The funds received from the ICO will be used to build and deploy the VUULR Marketplace, for broadcasters, distributors and content sellers to buy and sell films and TV shows online, powered by blockchain technology.
The listing of VUULR’s token on QRYPTOS sees the Japanese cryptocurrency exchange providing an end-to-end solution designed to help blockchain businesses conduct an ICO in a flexible, secure, transparent and scalable manner, adhering to best practices for ‘Know Your Customer’ (KYC) and Anti-Money Laundering processes.
“Launching an ICO in the current climate requires a lot of caution on the part of token issuers. In the last 12 months, there have a number of serious problems with ICOs, including leaks of email addresses and customer data, website hacks, phishing attempts, fake deposit addresses, and much more. This has left token participants shaken and wary about participating in ICOs, while token issuers go to great lengths to ensure their communities do not fall victim to scams. QUOINE’s ICO Mission Control removes these pain points so token issuers can focus on more productive aspects of their work, such as product development or marketing. With the launch of ICO Mission Control, we aim to bring global standards of security and technology to provide a safe, secure ICO launch for all token issuers and participants in the new crypto economy.”
VUULR will bring huge efficiencies to the industry by changing the way content rights are traded, delivered and sponsored. VUULR is focused on building a complete infrastructure powered by Blockchain that will allow buyers, sellers, and brands to go from discovery to delivery in under 24 hours. US$240 billion per year is currently spent on content acquisition by Broadcasters and Over-The-Top suppliers like Netflix and Amazon, but up to 40% of that value can be lost to the cost and friction of the transaction.
VUULR has also recently announced its partnership with the Entertainment Merchants Association (EMA), an international trade body for the entertainment content industry, to launch EMA Asia. This partnership enables VUULR to bring standards specifications and best practices to Asia, accelerating the trade of content with less cost and less friction, thereby unlocking more value for content creators.
“VUULR is building a digital marketplace and working with Hollywood-based trade associations – EIDR, MovieLabs, and EMA to adapt industry-agreed specifications onto a blockchain-based supply chain to streamline content distribution and acquisition for the Film and TV industry. This ecosystem will enable the industry to trade more efficiently at a fraction of the time and cost it takes today. We are excited to be the first Token Issuer to launch an ICO on QUOINE’s ICO Mission Control. With over 500,000 registered users on the platform who have already cleared KYC, VUULR gets access to a huge base of crypto enthusiasts who are ready to buy VUU tokens. New ICO participants can take advantage of QUOINE’S faster, more streamlined KYC which is able to verify users in minutes. Our ICO launch will also allow the public to contribute to the global community of Film and TV show fans, allowing everyone to be rewarded with VUU tokens when they create, refine, and translate metadata that is essential to the industry.”
The VUU tokens sold through ICO Mission Control will be tradable on QUOINE’s cryptocurrency exchange, QRYPTOS, shortly after the ICO closes. This reassures token buyers that there will be liquidity post-ICO. VUULR’s ICO will start May 9th and continue until May 30th, 2018.