Liquid

Company

Quoine, the Japan based parent company of Liquid, was founded in 2014. It is the first cryptocurrency firm which was licensed by the Japan Financial Services Agency (FSA). In October 2021, Quoine was granted a Type 1 Financial Instruments Business registration by the FSA and continues to offer its customers a platform for derivatives trading.

Liquid is one of the world’s largest cryptocurrency-fiat exchange platforms serving millions of customers worldwide.

Investors

• Announced the first close of an ongoing Series C funding that puts the company valuation at over US$1 billion, reaching unicorn status [Apr 2019]

Key metrics

• consistently ranked among the top 10 cryptocurrency exchanges globally based on daily traded spot volume with deep BTC/JPY liquidity
• 800K+ Liquid customers [Oct 2021]
• 100+ Supported countries [Oct 2021]
• $1.1B+ Highest daily trade volume of 2021 [Oct 2021]
• 80 Tokens listed [Oct 2021]

Notable Events

• Release of Liquid Chain as open-source project [Apr 2022]
  • Following the closing of the acquisition of Liquid Group by FTX, Liquid announced that there will be no further development of the Liquid Chain project.
  • Liquid is releasing Liquid Chain as an open source project and hopefully this will allow the community to innovate and develop the project further.
• Liquid Group and all of its operating subsidiaries including Quoine Corporation and Quoine Pte. Ltd. in Singapore are being acquired by FTX Trading Ltd. [Feb 2022]
  • The acquisition is expected to close in March 2022, subject to customary closing conditions being satisfied.
  • Following FTX’s acquisition of Liquid, Quoine will gradually integrate FTX’s products and services into its own offering, and FTX’s existing Japanese customers will be migrated to Quoine’s platform.
  • Liquid is offering a limited-time bonus swap offer of Liquid’s QASH token to FTT (the FTX ecosystem token).
• ‘Warm wallet’ Hacking incident [Aug 2021]
  • Liquid announced on 19 Aug 2021 that it was hacked. News reports mentioned losses were ~$90 million.
  • Read Liquid’s incident report as well as the improved measures after the incident. Scroll down and start reading from “1st Update 19-Aug-2021”

  • “We have built a completely new MPC wallet infrastructure from the ground up, verified by external partners, to ensure there are no further vulnerabilities moving forward.”

Presence in Singapore

• Entity: QUOINE PTE. LTD. (UEN 201414068E)

Regulation by Monetary Authority of Singapore (MAS)

In 2019, Liquid applied for the Major Payment Institution licence under the Singapore Payment Services Act for the provision of digital payment token services.

Currently exempted from holding a licence under the transitional arrangements in the Payment Services (PS) Act.

Social media

• Facebook: Liquid Global

Ecosystem

Token

QASH (pronounced “cash”) is the native cryptocurrency of the Quoine (pronounced “coin”) Liquid exchange and liquidity platform. It is in the process of being rebranded into Liquid Token (LQT).

✔️ Unique Selling Proposition (USP)

Singpass Integration

Instant sign-up and sign-in

From 28 January 2022, new users who are Singapore residents can sign-up on Liquid by using their Singpass account.

Additionally, existing customers who are Singapore residents can connect their Singpass account, and sign-in to Liquid instantly!

Steps to connect Liquid account to Singpass:

1. Visit your profile page on Liquid
2. Click on the “Connect” button (as pictured above)
3. Scan the QR code with your Singpass app
4. Follow the on-screen instructions and verify your information

Liquid is the first crypto exchange to introduce these features. For more details, click here.

Complete Know Your Customer (KYC) account verification using Singpass

Singapore based investors can instantly complete account verification using their Singpass accounts. This is much less hassle compared to certain platforms which require users to write their name, D.O.B, current date, and a pass-phrase on paper, then upload a selfie taken with the piece of paper.

We hope this Singpass verification feature appears on more platforms soon.

Dynamic Crypto Withdrawal Fees

From 21 Dec 2021, Liquid started adopting a dynamic model where the withdrawal fee is determined by the prevailing network transaction fees of the cryptocurrency that is being withdrawn from the exchange.

The system is termed as Dynamic Withdrawal Fee (DWF) by Liquid. A crypto withdrawal fee will consist of 2 components:

• Network Fee: this is dependent on prevailing blockchain network fees at the time the withdrawal is requested.
• Liquid Fee: fixed fee charged by Liquid

Benefits of DWF:

1. Liquid users will be able to see the Network Fee + Liquid fee in the withdrawal screen so it is 100% transparent what is being charged.
2. If prevailing network fees are high, Liquid users have the option to wait to do the withdrawal at a time when blockchain fees are lower, thus optimizing costs.

Note: For some cryptocurrencies (including DASH, ZIL, and XLM), Liquid has waived withdrawal fees altogether.

Multi-Chain support for deposits and withdrawals

Multi-Chain support for assets allows users to enjoy lower withdrawal fees and faster withdrawals for tokens across different chains.

Going forward, Liquid will extend the benefit of its multi-chain support to other assets and blockchain networks, including USDC, USDT, GYEN, XSGD, IDRT, with blockchain interoperability with Stellar, Tron, Zilliqa, Algorand, Solana, and many more to follow.

Notes

Apple & Google Pay Integration

Liquid has integrated its Quick Exchange with Apple Pay and Google Pay in 2022, allowing more methods to purchase crypto.

SGD bank transfers to Liquid are reflected in minutes

SGD bank transfers to Liquid are reflected in minutes, thanks to integration with StraitsX. Deposit SGD with 0 fees to purchase, swap or trade crypto on Liquid. For more information, check out this guide.

Zero fees between Liquid accounts

Sending crypto to another Liquid user is free! There is no fees for all crypto withdrawals to another Liquid wallet.

Experience Sharing

Swift customer service via in-app chat

On 8 June 2022 @ 2245 P.M, I noticed my nationality was incorrectly listed as ‘China’ instead of ‘Singaporean’ when I clicked into my user profile. I immediately raised a ticket via the chat function within the mobile app.

I received a human response within 20 mins and the issue was resolved shortly afterwards. I was impressed by the responsiveness of the customer service.