QUOINE today announced that it has signed a memorandum-of-understanding with the smart contract security startup Quantstamp Inc. With this partnership, QUOINE is looking to enhance the security provided to selected projects conducting ICOs on their platform.
The support will be extended to ICOs listed in both QUOINE’s ICO listing and QRYPTOS, the crypto-to-crypto trading and exchange platform.
Mike Kayamori, co-founder and CEO of QUOINE, said: “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.”
The security protocol developed by Quantstamp Inc. will audit smart contracts using formal verification techniques to find vulnerabilities before they are published to the blockchain. Similar to the way that Ethereum nodes secure and validate Ethereum transactions on the blockchain, the Quantstamp audit protocol will secure and verify ICOs on a distributed network of nodes. With this model, Quantstamp is aiming to achieve a scalable and cost-effective solution to the smart contract crisis.
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“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,” said Quantstamp CEO Richard Ma.
QUOINE claims that over $256 million in Ether were either lost or stolen due to faulty smart contracts so far. So to reduce such vulnerabilities with smart contracts, QUOINE will use Quantstamp’s protocol and provide a very secure and trusted platform.
Meanwhile, QUOINE has a very successful ICO event in November 2017. The platform raised over $280 million by selling 350 million QASH tokens.
To increase liquidity across blockchain platforms, last year, QUOINE partnered with ZB.com, and BW.com.