Introduction to QASH, Liquid Exchange's Exchange Token
QASH is the exchange token of the cryptocurrency exchange Liquid. Liquid Exchange was initially launched in 2017 by the global cryptocurrency company Quoine, aiming to aggregate global liquidity through its "World Book" technology and address the fragmentation of the cryptocurrency market. The QASH token successfully raised approximately $105 million (equivalent to 350,000 Ethereum) through an Initial Coin Offering (ICO) in November 2017, to support the platform's development and expansion.
Liquid Exchange Development History and Major Events
Liquid Exchange's development history has been full of changes:
- Platform Integration and Unicorn Status: In September 2018, Quoinex and Qryptos, both under Quoine, merged and were officially rebranded as Liquid. In April 2019, after completing the first round of its Series C funding, Liquid's valuation exceeded $1 billion, making it one of the few tech unicorns in Japan at the time.
- Security Incident: In August 2021, Liquid Exchange suffered a severe hack, losing nearly $100 million. Subsequently, FTX provided $120 million in debt financing to help Liquid cover its losses and resume operations.
- FTX Acquisition: In February 2022, FTX announced its acquisition of Liquid Group and its operating subsidiaries (including Quoine Corporation), aiming to expand its business footprint in the Japanese market. The transaction was expected to be completed in March 2022, with FTX planning to integrate products and services into the Quoine platform and migrate existing Japanese customers to that platform.
- bitFlyer Acquisition: After FTX's own collapse in November 2022, Liquid's fate took another turn. On July 26, 2024, bitFlyer, another well-known Japanese cryptocurrency exchange, announced its acquisition of Liquid.
As of August 6, 2026, the Liquid platform is currently still in operation.
QASH Token Function and Economic Model
QASH, an ERC-20 standard token, was designed to play multiple roles within the Liquid ecosystem:
- Fee Payment and Discounts: QASH holders can enjoy discounts when paying for services on the Liquid platform, especially in crypto-to-crypto trades, where using QASH to pay transaction fees offers a 50% discount.
- Promotions and Investment Opportunities: Users holding QASH also have the opportunity to receive special promotional products, discounts, and participate in ICO investment opportunities launched with the platform's help.
- Trading Asset: QASH itself is also a digital asset that can be traded on exchanges that support the token.
According to public data, the total supply and circulating supply of QASH are both 1 billion tokens. As of July 29, 2026, QASH's market capitalization is approximately $1.8 million. Investors can view QASH's real-time price and historical trends on market platforms such as Svmuu.
Regulatory Compliance
Liquid Exchange and its operating entity, Quoine Corporation, are strictly regulated and licensed by Japan's Financial Services Agency (FSA). This means that Liquid must comply with local Japanese financial regulations in its operations, providing users with a relatively compliant trading environment.
