Quoine Pte. Ltd.

Based in Japan, Quoine Pte. Ltd. is a fintech company that operates Liquid. com, a trading platform facilitating the exchange of cryptocurrencies, targeting both individual investors and institutions.

Quoine Pte. Ltd. was founded in 2014 in Tokyo, Japan, focusing on cryptocurrency trading. The company underwent a significant change in ownership when it was acquired in February 2022 by FTX Trading Ltd.

The acquisition aimed to enhance product offerings and liquidity for both Japanese and global customers. Omer Raja, who has a background in fintech ventures, is among the founders, while Gustavo Canales currently serves as the CEO. To date, Quoine has successfully completed 5 deals, with a notable Series C funding round in which it raised JPY 1,000 mn, led by IDG Capital. This round also included investments from Bitmain Technologies Holding Company, bringing the total amount raised by the company to JPY 1,000 mn, with a current valuation of JPY 111,000 mn.

Liquid. com offers a comprehensive trading platform for cryptocurrencies, allowing users to buy, sell, and trade various digital assets, including Bitcoin, Ethereum, and XRP. The platform incorporates advanced security measures, such as cold wallets and Multi-party Computation (MPC) technology, ensuring user fund safety. It serves both individual investors and institutions, providing functionalities such as spot trading and margin trading with leverage options up to 25x.

Liquid. com accepts deposits in multiple fiat currencies, including USD, JPY, EUR, SGD, HKD, and AUD, catering to a diverse geographical market. In 2021, Liquid. com generated revenue amounting to JPY 9,563,626, primarily through transaction fees from trading activities on its platform.

The fee structure accommodates both individual and institutional clients, facilitating a range of transactions from direct consumer trades to institutional partnerships, all integral to the company's strategy in the cryptocurrency trading sector. Quoine Pte. Ltd. aims to expand its product offerings and market reach following its recent funding round.

The acquisition by FTX Trading Ltd. is expected to enhance product development and liquidity, targeting both Japanese and global customers. The company is exploring new product launches, although specific details and dates have not been disclosed. The strategic focus includes entering new geographic markets to increase its user base and enhance service provisions, supported by the recent Series C funding.