Liquid

Liquid is the exchange brand of Quoine, whose parent company was founded in Singapore in 2014. In 2017 Quoine issued the QASH token; in 2018, entities including Quoine Japan and Quoine Global merged into the unified Liquid brand, whose signature mechanism World Book aggregates order books from exchanges worldwide into a unified liquidity pool, letting dispersed quotes match against each other.

In August 2021, Liquid's hot wallet was compromised and roughly 94 million dollars of assets were stolen, one of the largest exchange security incidents of that year, after which the platform suspended withdrawals and traced the funds. In 2022, FTX acquired a majority stake in Quoine; following FTX's bankruptcy in November 2022, that stake entered disposal proceedings. On July 26, 2024, the Japanese exchange bitFlyer announced its acquisition of Liquid, bringing QASH's circulation and trading under the new operator's system.