QASH is an ERC20 token, serving as a utility token for the QUOINE LIQUID platform, which aims to enhance liquidity in the crypto economy. Japan-based fintech company QUOINE, which was set up in 2014, raised more than USD 100 million through an initial coin offering (ICO) of QASH in November 2017. Its LIQUID platform comprises a single globally-sourced trading platform (World Book) and an associated suite of services (Prime Brokerage) that bring together all cryptocurrency exchanges with the goal of improving digital coin liquidity.
Coin Prefix: QASH
QASH aims to boost crypto market liquidity
Area to disrupt: payments, liquidity providers
Competition: Bancor (BNT), Salt (SALT), Ripple (XRP)
ICO token: yes (2017), Ethereum-based ERC20 utility token
QASH, which is supposed to be pronounced as “cash”, is the unity of account for the QUOINE LIQUID platform. QUOINE, which should be pronounced “coin”, is a company solely dealing with cryptocurrencies and helping to provide liquidity. If a user wants to trade, he or she sometimes must use four or five exchanges because each exchange has a different selection of coins. Moreover, sometimes users have to hop through several different cryptocurrencies before arriving at the wanted coin. Furthermore, when Bitcoin fees are high and users want to transfer funds between exchanges, it is common practice for them to turn their Bitcoin into altcoins to facilitate the transfer because of the low transaction fees in some altcoins.
Each exchange has its own liquidity pool, which differs for each trading pair. Some exchanges have better liquidity for a given pair than others. In order to connect those silos into one combined liquidity pool, the LIQUID platform builds a World Book and a Prime Brokerage.
The World Book combines orders and prices from exchanges. This removes the liquidity silos of separate exchanges and allows traders to use previously underserved markets. By utilizing foreign exchange (FX) markets, LIQUID also allows for fiat trading pairs of cryptocurrencies, which previously had not offered this option.
The World Book has three primary functions: Matching Engine (ME), Cross Currency Conversion Engine (CCCE), and Smart Order Routing (SOR). The ME can process several million transactions per second with native support for the major token pairings and the ability to add new pairings as they emerge. The CCCE allows for almost instantaneous conversions. As this technology becomes more efficient and accessible, the number of matches will increase and create a completely fluid market. The SOR monitors all major exchanges and helps with the filing of orders externally if there is some difficulty to be filled internally.
The Prime Brokerage gives access to the features of the World Book. The Prime Brokerage gives access to all exchanges in the World Book. This will save users time in creating separate accounts for each exchange. QUOINE has also been building partnerships with banks for its fiat transfers. The Prime Brokerage will also allow for leverage trades.
QASH is an ERC20 token that is used for paying for all the services offered by the QUOINE LIQUID platform. QASH holders are also promised to receive discounts and some promotional products in the future. Also, QUOINE LIQUID platform plans to help other projects with launching their ICOs.
The total coins created are one billion QASH, with 20% held by the team and shareholders and 15% by their strategic partners and institutional buyers. The short-term goal of QUOINE is to re-allocate to their own blockchain and migrate there in 2019.
The founders of QUOINE set up the company in 2014 after having worked previously for SoftBank Group and Merrill Lynch. QUOINE is licensed by the Japan Financial Services Agency (FSA). Bancor (BNT) is a direct competitor because its protocol is very similar to QASH. Bancor’s main function is to bring liquidity to all tokens that use the protocol.
The long-term vision of QASH is to become a preferred payment solution for financial services. As more exchanges and financial institutions start using QASH, it will increase its liquidity, which would make it preferred choice for the fintech sector. Through the World Book, Prime Brokerage and the QASH token, QUOINE will try to bring liquidity to the cryptocurrency markets. It will serve as world order book of crypto and it will help investors convert fiat to any cryptocurrency and vice versa. This is a very ambitious project that is certainly interesting to watch if the project will deliver on the team’s promise. Their official opening is scheduled for the second quarter of 2018.