Liquid is an online cryptocurrency exchange where you can trade a wide range of fiat/crypto and crypto/crypto currency pairs. Its World Book order book combines a global network of liquidity sources in order to provide access to a higher level of liquidity and better price matching.
The site also offers Liquid Margin, where you can trade with up to 25x leverage, and has its own utility token known as QASH. You can use QASH to pay for services on Liquid, and at the time of writing (September 2018), it was soon to undergo a rebrand to become Liquid Token (LQD).
Liquid’s parent company, Quoine, is headquartered in Tokyo and is licensed by the Japanese Financial Services Agency. Quoine was founded in 2014 and launched Quoinex, a fiat-to-crypto trading platform, in the same year.
In 2017, the company launched a crypto-to-crypto exchange known as Qryptos, and in the 12 months to July 2018, the two platforms handled a combined total of more than US$50 billion in transactions.
In September 2018, Liquid was formed from the amalgamation of Quoinex and Qryptos.
Most of Liquid’s trading activity comes from its fiat trading pairs, dominated by its USD and JPY markets. The exchange also offers a huge range of other trading pairs based in other fiat currencies, as well as crypto-to-crypto trading pairs for more than 100 coins and tokens.
Figure 1: Snapshot “Liquid Interface”
Download full report here - Liquid Exchange Overview