Liquid is always moving. With the Liquid platform, we embrace this state of being and apply it to our continuous drive to never stop evolving in order to bring our customers the best possible experience. The Liquid Roadmap gives an insight into how the platform will grow over time. This approach is known as the Japanese business philosophy “kaizen” and it is at the heart of everything we do. We work to create a change for the better, listening to our customers, testing and validating every assumption, and aiming to create the trends that our competitors will follow.

The vision for Liquid is bold – we are here to democratise finance and make financial services accessible, stable and fair. Our eight core values – Customer Centric, Innovative, Action, Compliantly Bold, Passionate, United, Transparent and Impactful – inspire us every day to lead by example in a sector where regulation, security and compliance will ultimately prevail.

Liquid Platform

Liquid is a crypto platform with top security and liquidity. You can easily buy and sell digital assets using Bitcoin, Ethereum and multiple fiat currencies. New features are regularly added.

Launched Quoinex

Quoinex, a fiat-crypto exchange platform, launched in 2014. The exchange was fully regulated in Japan, handling in excess of US$12 billion in annual transactions.

Status: Complete
Launched Qryptos

Qryptos, an all-crypto exchange, was launched in 2017.

Status: Complete
QASH Token Sale

The QASH token sale was one of the most successful token sales in Asia in 2017, raising more than USD105 million.

Status: Complete
Lending Feature

The Lending app launched initially on Quoinex as a platform through which customers could lend out their fiat and crypto to margin traders and earn daily interest.

Status: Complete
Liquid Exchange

Qryptos and Quoinex merged into one platform, Liquid, with high liquidity, top security, fiat pairs, token sales and much more.

Status: Complete
Liquid Black

Liquid Black is an upgraded account status for Liquid customers, unlocking a range of special privileges and benefits.

Status: Planned
Rebrand QASH to Liquid Token

The QASH Token will be rebranded to Liquid Token upon the launch of the Liquid Distributed Ledger.

Status: Planned
Liquid Mobile App

Liquid will get a mobile app with full trading and exchange features.

Status: In Development

Liquid Distributed Ledger

Financial services and fintech companies will build their products on top of the Liquid Distributed Ledger (LDL). Eventually the LDL will be decoupled from Quoine and overseen by a foundation in order to ensure the scalability and sustainability.

Alpha Release

This is an internal phase, including system design and validation of the selected architecture:

  • Consensus network
  • Benchmark meter
Status: In Development
Minimum Viable Product

With the MVP, apps development will be ready to start:

  • Transactions
  • Software Development Kit (SDK) Phase 1
Status: In Development
Beta Release

Apps will be running and private reviews will be sought:

  • Software Development Kit (SDK) Phase 2
  • Smart contracts
Status: Planned

With the launch of the testnet, the LDL will be ready for public review:

  • Addressing feedback
  • Performance, other tuning
Status: Planned

Service agreement.

Status: Planned
Token Swap

All Liquid ERC-20 tokens will be swapped 1:1 for the new tokens on the Liquid Distributed Ledger.

Status: Planned
First dApp Launched on LDL

It is anticipated that the first dApp on the Liquid Distributed Ledger will be launched by Quoine.

Status: Planned
LDL is Decoupled from Quoine

The Liquid Distributed Ledger will eventually be handed over to a foundation to maintain.

Status: Planned

The World Book

The World Book is a multi-market order book that aggregates the orders and prices from various liquidity sources into a single highly liquid tradable order book, allowing orders to be placed in a range of currencies. The World Book solves two important problems that limit liquidity in the crypto world: liquidity silos and underserved markets.

Internal World Book Beta

The Internal World Book Beta was tested on Qryptos and Quoinex for limited currencies.

Status: Complete
Internal World Book - BTC, ETH & BCH

The Internal World Book provides enhanced liquidity for the Liquid platform, with high volumes and tight spreads, initially for BTC, ETH and BCH against fiat pairings.

Status: Complete
Internal World Book - Additional Pairs

The Internal World Book will be expanded to include additional trading pairs on Liquid.

Status: Planned
External World Book

The next chapter of the World Book will be complete through connection of Liquid to a global network of crypto exchanges all pooling their liquidity to essentially create one huge, worldwide order book.

Status: Planned

Liquid Capital

The Liquid way is to provide customers with the best quality projects possible, be them in the form of tokens we list or tokens sales we host. The Liquid Business Development team is responsible for new listings, token sales and partnerships.

Token Sale Platform

Liquid’s token sale platform is a groundbreaking end-to-end service that offers a stress-free token sale service for tokens issuers, adhering to best practices in account verification and providing a gateway to an exchange listing.

The Token Sale Market is where token buyers can take part in token sales on Liquid in just a few clicks. Robust verification and security practices provide a safe haven for everyone in the token sale ecosystem.

Status: Complete
Private Sale Feature

The addition of the Private Sale feature meant that token issuers could offer fully customisable Private Sales on our platform with the power to set thresholds and minimum buy-ins.

Status: Complete
BCH Funding Method

The Token Sale Market initially featured QASH, BTC and ETH as payment methods. With the addition of BCH, customers were offered additional flexibility and convenience.

Status: Complete
Private Sale Lockup

The lockup of Private Sale tokens provides stability and protects public sale participants from having to endure a mass sell-off of tokens upon listing.

Status: Complete
Soft Cap Feature

By offering a soft cap feature, customers receive further protection. Any token sale that does not meet the target softcap will be considered incomplete and all funds will be returned to customers. This is possible because all token sale transactions are settled on the exchange and tokens are locked until after the sale is completed.

Status: Complete
Third-Party Analysis

Research groups will provide additional analysis of projects vying for listing on the Token Sale Platform.

Status: Complete
USD Funding Method

Additional payment options will be added to provide ultimate flexibility for customers.

Status: Complete
USD Settlement

Token issuers can choose to receive their funds raised in BTC, ETH or USD, in whatever ratio they need, giving them full control over their treasury.

Status: Complete
QASH Bonus for token sales

Customers paying for token sales using QASH will receive an additional 5% bonus with their purchase.

Status: Planned
Credit Card Funding

Empowering Liquid users to fund their account via credit card and debit card deposits in a matter of few minutes.

Status: Planned


Quoine was founded in 2014 in Singapore before the headquarters was moved to Japan.

Japan Headquarters - 2014

After being founded in Singapore, Quoine set up headquarters to Japan, where the company is now fully licensed and compliant. Quoinex was launched, offering fiat-to-crypto trading.

Status: Complete
JFSA License - 2017

Granted official license from the Japan Financial Services Agency.

Status: Complete
Banking License

Quoine is in the process of applying for a formal Banking License to expand the range of services offered to customers.

Status: Planned

Prime Brokerage

Prime Brokerage will be a suite of services that provide users with tools to reduce counterparty risk and increase ROI. Updates will be made available in due course.

Status: Planned