Bitmain-backed crypto trading platform Liquid expands into US market

Liquid, a cryptocurrency trading platform launched by Quoine last September, has announced the setting up of a jointly-owned entity called Liquid Financial USA Inc. (Liquid USA) with Virtual Currency Partners (VCP) as it seeks to expand its services in the United States.

VCP is a consortium of successful investors and entrepreneurs investing in the fintech and cryptocurrency industries. It is led by Chairman Barry Schiffman, who has over 30 years' experience investing in high-growth companies.

Licensed by the Japan Financial Services Agency (FSA), Liquid recently announced the first close of its Series C funding round led by investment firm IDG Capital, with participation from Bitmain Technologies. The funding brought its valuation to more than $1 billion.

In its latest announcement, Liquid said that it will enter into the US via its holding company, Liquid Group Inc, founded last month. Liquid USA, with offices in New York and Atlanta, is currently working to obtain regulatory approvals throughout the U.S. and is building out its team. It expects to start onboarding of US clients by January 2020.

“The parties' commitments of capital, technology and resources to this joint venture have enabled Liquid USA to acquire a FinCEN-registered money service business through which Liquid will access the US market. Liquid USA's plans call for a complete offering of Liquid's products to the US market, subject to US regulatory approvals,” the release said.

“Pending those regulatory approvals, Liquid USA plans to make Liquid's native token, QASH, available for utility and trading to US customers.”

Commenting on the U.S. expansion plans, Liquid Co-founder and CEO Mike Kayamori said that they received widespread expressions of interest from corporate and institutional customers to serve the US market.

“This joint venture and the acquisition of IQX represents our commitment to expand in the US, and we look forward to working closely with Virtual Currency Partners to accelerate our platform growth,” he added.