Details

Industries

Consulting,Cryptocurrency,Information Technology,Internet,Internet of Things

Founded date

Jan 1, 2019

Number Of Employee

251 - 500

Operating Status

Active

Legal Name

Qoin

Qoin is a digital currency and is traded on the Block Trade Exchange Limited (BTX). The company’s long-term goal is to establish a commercial global currency platform that serves millions of business owners, sellers, and merchants around the globe. Built on blockchain technology, Qoin is backed by tangible goods & services and is governed by The Qoin Association. This blockchain structure allows millions of users to hold and transfer Qoin using their Qoin wallets.

Qoin was founded in 2019 by Raj Pathak and Tony Weis. Prior to starting this company, both executives were heavily involved with Bartercard, another Australian company that operates in the world of digital currency and commerce. Eventually, Pathak and Weis acquired Bartercard in 2018 and used this as a platform to launch Qoin in 2019. While focusing on launching Qoin, both men have maintained their positions as Directors within Bartercard. Today, Tony Weis is the Governor of the Qoin Reserve while Raj Pathak acts as the Director of Sales & Leadership of Qoin.

One month after launching in February of 2019, Qoin had amassed 20 agents and more than 200 merchants. These numbers have been steadily rising over the years, and in 2020 the company had 80 agents and over 1,600 merchants. At launch, the value of one Qoin was 15 cents. Within three months, this value had risen to 60 cents.

The underlying blockchain system of Qoin was built on the Quorum platform using the Byzantine Fault Tolerant consensus protocol, also known simply as “BFT.” This system is intended to meet a number of goals, including high transaction volumes, security, and interoperability with other tokens. Using the Istanbul BFT consensus protocol, Qoin facilitates consensus on all validator nodes. The end goal is to allow high transaction output and low latency, as Qoin’s ultimate goal is to become a global currency.

The Qoin Reserve was established as a system that will help this global currency expand through a variety of methods, including onboarding and incentivizing new merchants. Those who hold Qoins can either trade them for fiat currencies and other currencies or make purchases within the merchant ecosystem established by the Qoin Reserve. The company adheres to Metcalfe’s law by ensuring the value of each Qoin will be linked to the size of the merchant ecosystem. As this ecosystem grows, the value of Qoin will reflect these changes. The Qoin Reserve is the only entity that can mint Qoin.

Because Qoin was established by two executives with close ties to Bartercard, this digital currency has access to an existing Bartercard Ecosystem of more than 20,000 merchants and 40,000 cardholders across the world. This means that the Qoin ecosystem had an existing ecosystem from its inception.

The Qoin Association is another integral aspect of the company. This was established to provide overarching guidance as the organization considers which specifications and protocols to adopt and develop. This is an independent membership organization that governs the Qoin blockchain and the Qoin Reserve. Another important responsibility of the Qoin Association is to coordinate the validator nodes.

Two representatives from each validator node can serve on the Qoin Association Council, the body that governs the Qoin Association and makes decisions about the Qoin blockchain network and the Qoin Reserve. All major decisions are handled by the council, and a two-thirds vote is required to pass major policy or technical decisions.

The Qoin Association also plays an important role in the minting of new Qoins, as it governs the Qoin Reserve. The council ensures that new Qoins are only minted when authorized sales representatives induct a new merchant into the ecosystem. When a new Registered Merchant is onboarded, $7,500 worth of Qoins is minted.

Due to the fact that the Qoin Blockchain runs on a consortium, the overall network can still function without issues if certain nodes are compromised. The maximum tolerance of the Qoin Blockchain is 33% of faulty nodes within the network, and up to this point, it can still provide instant finality of each accepted transaction. This ensures that each transaction is processed and immutable on the blockchain when the user receives confirmation. These capabilities are due to the overall features of the Istanbul-BFT consensus mechanism.

The Qoin team includes employees with experience in tech systems, eCommerce, analytics, law, sales, marketing, customer service, trading, accounting, risk management, and more. Mark Atkinson is the Chief Technology Officer, and he has 25 years of experience in tech systems and infrastructure. Weihan Venter is the Multimedia Specialist, and he has experience in the world of eCommerce. Qoin’s Head of Administration is Maree St. Clair, an Analyst with 30 years of experience. John Breytenbach is the Project Manager, while Andrew Barker serves as the Chief Marketing Officer. The Chief Operating Officer at Qoin is Justine Oakhill, who has 25 years of experience in customer service, franchising, and operations.

Mike Caladine is Qoin’s Sales Manager, and he has spent 25 years gaining experience in sales training across the globe. Peter Fenton handles the online trading aspects of Qoin, while Steve Quinn serves as the Risk Manager with over 30 years of banking experience. Perry Jenks is Qoin’s Chief Financial Officer.

Raj Pathak serves as the overall Director of the company, and he is also the Director of the Qoin Association. Tony Wiese is the Governor of the Qoin Reserve while also serving as a Director of the Qoin Association.

Over the years, Qoin has partnered with a number of organizations. In 2021, the Queensland Rugby Union announced that they were partnering with Qoin, and the company’s logo was featured on the official uniform of the players. Qoin also partnered with the Plus500 Brumbies, another rugby team. The Qoin logo was featured on the uniform of this team as well. In 2021, the Southport Yacht Club announced that Qoin was a sponsor of the 2022 Sail Paradise Regatta. Qoin has also partnered with charities within the New South Wales community, such as the homeless charity Agape Outreach Inc. In 2021, this charity received a donation of more than $9,000 in Qoin. This money then went towards purchasing food and other necessities for homeless people.