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Liquid Qash By Quione Review
Disclaimer: I personally speculate and own Qash tokens, and it is close to 20% of my portfolio (number #2 of my cryptocurrency portfolio). I have done my due diligence and research (and still do. Please, always do your research), communicate with the team, learn from Telegram group chat, read their reddit and follow their AMA which have consistently and increasingly given me confidence to continually increase my Qash stack.
to create liquidity in the cryptocurrency space by connecting as many (if not all) crypto-exchanges in the world
*in my understanding, with super traditional route to banking and compliance, to also unite the traditional financial institution-world to the world of cryptocurrency and fiat. Ie a little like what European Union that united multiple European countries
traditional fiat/financial institutions <--> Quione <--> crypto-exchanges
**and this is all connected through a centralized/central currency called Qash, which similar to Euros to EU.
In a sense, it's not something new, because this IS the current traditional model in the financial industry, just brought into the cryptocurrency world.
Every part of the Liquid Qash project demonstrates how Quione actually connects traditional/fiat finance to crypto-finance - from their project idea, advisors, team etc.
big picture / zoom out
I think and feel that Quione wants to be the European Union to connect both the traditional fiat institutions to the cryto-world, and Qash will be akin to Euros.
Why this is major major major because it actually combined BOTH decentralization and centralization, merging both worlds to form something new: regulated and semi-centralized decentralized financial institutionalization.
a few different names...same meaning
Eh, it's called a few different names:
....but all mean the same thing.
I like the name "Qash" so I'll keep calling it Qash (cos it sounds like "cash" to me heh).
This is the same logo/ticker name as in Coinmarketcap, Blockfolio - everywhere, so this should standardize it.
A very needed and ambitious super-project to connect the traditional fiat institutions to fintech and crypto-world/finance
Very solid team of more than 90 people and still hiring; and much of the team has strong experience in traditional banking/finance and crypto-world
Very strong business/organization - one of the few regulated crypto-exchanges in Japan, with years of actual and practice crypto-related experience as they started in 2014 (not newbies)
Very large target market - targeting crypto-exchanges and entire crypto-market in general, which is > USD 750 billion (not withstanding the recent January bloodbath which dropped this value by about 40+%, but correcting)
They've been achieving what they set out to achieve in their roadmap as promised
Very successful ICO, hit their target of USD 105 million and still oversubscribed
Still very un-hyped and low-key (to the annoyance of many Qash hodlers, where some of them wants more marketing/PR/hype BUT I quite like it this way - unassuming until BAM! It takes everyone by good surprise).
what can be better
It's a very, very big idea and project - to regulate decentralization, create a centralized and unite traditional fiat world to crypto-world/fintech a la EU-style.
The tech behind it is proprietary, so it's not transparent in that sense for now until...(their own blockchain coming out soon I think in 2019, I believe this will improve transparency)
Too little marketing leads this to being low-key (I think it's good at least for now for people like me who believe in the project and team so we can keep buying more lol)
Much of the team has traditional banking and finance background
Investment rating: 4.0 out of 5 stars
The Quoine as a company, with its Quoinex and Qryptos exchanges and Qash token, seems to be built on solid foundations and with strong team and clear vision and seems to be achieving the goals they set in their roadmap.
(Note: most recent update is that Quoinex will be re-branded to QNEX and Qryptos will be assimilated into QNEX so will have single major platform rather than 2 - which is good, more focus and better liquidity as well as less dilution).
Investment Risks: 1.5 out of 5
Some people say that the massively oversubscribed ICO = too much marketing and hype, as well as the lack of full transparency due to their proprietory tech and relationship with banks...but frankly, oversubscribed ICO may not be marketing or hype related.
From what I observe from their communications, there is little hype and Mike himself seems very level headed and clear in his articulation.
For any speculative / investing moves I plan to do or do, I always look at the team first, and especially how they carry themselves. With more than 250 years of combined banking and crypto experience, and carrying themselves focally and consistently, I am more than comfortable increasing my Qash stack since December 2017 (it is #2 on my portfolio).
What Am I Doing With My Qash Investment?
I am hodling it.
Buy and hold. It is one of my favorite "white horse" crypto-projects, and regardless, they are very focused, experienced and have been achieving success - I think they may very well succeed.
qash: general information
QASH (mostly known as this) QSH (used by some exchanges)
Liquid Qash was created by Quoine, a financial services company that
provides trading, exchange, and financial services powered by
In which country is this organization based (country of jurisdiction)?
Quoine is headquartered in Japan, it also has offices in Singapore and Vietnam.
Is the project made of several projects?
The Liquid Qash project does not have subprojects. However, the Liquid Qash project is one of 3 projects ran by Quoine Pte. Ltd.
What is the goal of project?
Build a solid, global financial utility that solves the liquidity
issue for all: build a common liquidity pool for as many exchanges as
This common pool will provide extremely high liquidity in many trading pairs: fiat to crypto, crypto to crypto and crypto to fiat.
The Qash project aims to provide liquidity between markets
where historically there was none: liquidity is the lifeblood of every
industry, it is the single most important element lacking in the crypto
Qash wants to solve two issues: the developed markets isolation and the emerging markets isolation.
A. Developed markets isolation: standalone exchanges operating in closed pools of liquidity
i.e. One exchange in one currency pair (e.g. BTC/USD at exchange A
serving USD customers) cannot easily access the opposite liquidity if it
exists on another exchange (e.g. BTC/EUR at exchange B serving Euro
B. Emerging markets isolation: underserved with illiquid local
currencies that must interact with bigger liquidity pools to utilize
i.e. An exchange trying to support customers living in a country with a weak national currency will have very little liquidity
What is the best way to describe the project?
Qash is “a single globally-sourced trading platform (World Book) with an associated suite of services (Prime Brokerage)”
World Book: a multi-market order book that aggregates the orders and
prices from the world’s various exchanges into one platform, it will
allow users to place orders in any currency.
“For example, a German trader (A) wishing to sell BTC (Base
Currency) can choose to see the World Book for BTC in EUR (their Quote
Currency). When they place an order in the World Book, they see their
order enter the BTC/EUR market, and the order’s price is reflected in
their orderbook in EUR.”
“While, a Singapore trader, using the World book, will see the
entire order book in their own currency of choice, likely SGD. They will
see the order that was placed in BTC/EUR by the German Trader, priced
in SGD – and from the Singapore trader’s perspective, the German
trader’s order will fluctuate with changes in the EUR/SGD rates.
“If the order to sell BTC/EUR is matched with an order to buy
BTC/SGD, an FX conversion happens behind the scenes. Both parties
receive their execution in the respective currencies of their orders.”
Underpinning LIQUID (Liquid Qash) Platform’s World Book are three technologies that are already by QUOINE on a daily basis:
Matching Engine (ME) to match orders
Cross Currency Conversion Engine (CCCE) to convert orders to when they are matched in different currencies
Smart Order Routing (SOR) to route orders quickly to reputable exchanges
The Prime Brokerage service will add features such as Crypto/Fiat Credit and Real Time Reporting.
Further services will be available such as System Co-Location, Automated Trading Strategies and Quoine’s Trading Tools
crypto competitors in same space
Qash compete against B2Bx,
which holds itself out as “the first official provider of
cryptocurrency liquidity”. Their target market is institutional
investors and other professionals.Ticker: B2BMarket cap: 20 million USD (early Jan 2018)Coin rank: 425 (early January 2018)
Request Network aims to provide easy transfer of cryptocurrencies
between users p2p (i.e. business-to-individual or
Qash on the other hand will be a highly liquid pool linking up
exchanges used by anyone (individuals or entities): it is more of a
Ticker: REQMarket cap: 499 million USD (early Jan 2018); Coin rank: top 100 (18th Jan 2018)
Qash white paper includes a diagram analysis
of competitors and shows how Qash is performing in the crypto-finance space.
quoine team and their experience
How many people are in Quoine?
At this point in writing, I am aware that Quoine has 100+ people on its team. They have recently spruced up their support team and they mentioned that they are hiring more.
Are the team member names and history known?
Of course - all the team members are visible on the website.
What is the approximate proportion between tech people and business people?
There seems to be about half-half mix of tech and business people.
Does the organization have a history of successful projects?
Yes, Quoine has successfully launched two exchanges.
Quoinex: launched in early 2014, a fully compliant digital asset exchange with over 12 billion USD in annual transactions. Quoinex is one of the only regulated exchanges in Japan, this adds to the maturity of the organization.
Qryptos: launched in 2017, a fully digital exchange exclusively for
cryptocurrencies. The platform plans to offer token issuers an easy way
to list and trade their own tokens.
Does the team have a history of successful projects?
Yes, the Quoine team has over 250 years of combined experience in finance
Mostly notably, they have built Quoinex (2014)...which is one
of the largest cryptocurrency exchanges in the world. And then the Qryptos
exchange at end 2017.
Qash will have an advantage on Quoine’s existing platforms by
forming an exclusive partnership to utilize common infrastructure,
product tool sets, and knowledge sharing of best practices.
Do the advisors have a history of successful projects?
The advisors include current and former bank CEOs, consulting firm directors and a former vice president of Visa to name a few.
Does the project has any partnership with other organisations?
What is the experience of the individual team members?
The team is experienced in Forex, IT, Forex IT, Algos, equity
trading systems, and FICC (Fixed Income, Currencies, and
Commodities )—all combined with expertise in Internet and mobile
Quoine’s management team has worked at the following companies:
Goldman Sachs, Bank of America Merrill Lynch, Credit Suisse, Citigroup,
Barclays, UBS, ANZ, Union Bank, Rabobank, Wells Fargo Bank, Bloomberg,
Price Waterhouse Coopers, SoftBank Group Corp., SAMSUNG, SingTel,
Mitsubishi Corporation, Anderson Consulting, and AirAsia.
quoine project status updates
When did this project start?
Quoine was incorporated in Q1 2014. There isn't any clear starting date for the Qash project because it is one of several projects ran by Quoine.
Qash reuses code and experience built up when creating Quoinex and
Qryptos. Quoinex was launched in early 2014 and Qryptos in 2017.
Is the organization regularly reporting progress on the social media
streams (facebook, Tweeter, Reddit, Medium, Telegram, Slack)?
The organization reports on its big milestones and tries to keep everyone up to date with significant progress.
One must note that this is not an open source project, so smaller improvements or issues can be kept quiet.
What were the achieved milestones?
Much of the foundations necessary for the Liquid Qash project have
already been laid when building Quoinex and Qryptos: the tech, the
legal, the marketing, the team, and the list goes on.
Here is an overview:
Q1 2015 (and later) - Trading tools: UI and backend for various types of trades Q2 2015 - Quoinex mobile app Q1 2017 - New High Performance Data Infrastructure Q2 2017 - New High Performance Multi-Market Matching Engine (5M+ transaction/sec) Q2 2017 - Global Smart Order Routing & Cross-Currency Matching Engine Q3 2017 - Quoinex Japan Registered with the Japan FSA license no. 00002 Q4 2017 - Qash Q1 2018 - World Book Beta (not out yet, pending end March 2018)
What is the state of the project?
There is no working product yet, the official launch is planned for Q2 2018.
What is the roadmap for the future?
Highlights for 2018
Q1 2018: World Book beta version launch Q1 2018: Direct Market Access beta version launch Q2 2018: Liquid Qash official launch Q3 2018: Direct Market Access 1.0 stable version launch Q4 2018: Prime Brokerage launch
Is the project on track or ahead of its roadmap?
Yes, the project is on track of its roadmap.
Is there a public Trello board (or such) showing the progress?
No, there does not seem to be any public board showing the progress of the project.
Is the project already profitable?
Quoine is already a profitable company.
Does the project already have clients?
Yes, Quoine already has thousands of clients on its two exchanges,
Qryptos and Quoinex and processes over 12 billion USD annually.
See the official roadmap below
quoine, quoinex, qryptos & qash market size
What is the size of the targeted market?
Quoine aims to create “the exchange for exchanges”, so the target is
the whole crypto market which worth around 700 billion USD as of now
(mid Jan 2018).
How does the project current market cap compare to some of its competitors?
The B2BX roadmap does not indicate which milestones have been achieved and which are forthcoming.
How much demand is there for the project, short & long term?
There is a huge demand for this project both in the short and
long-term. The market is fragmented and needs a platform to aggregate
exchanges and increase liquidity.
Does/did the project get discussed in the relevant communities more than usual before launch?
No, not particularly - which is why I think and feel it's very under-marketed and low-key at the moment, at least until 2Q2018 where they slate to market Qash openly.
qash token utilization/use
Do token holders have any influence over the project (i.e. right to vote, built-in governance, project decision-making)?
Of course not.
Do token holders have get any dividends?
No (though I wish to...)
Do token holders get access to any extra functionality?
Good news, yes.
“Token holders may lend their Crypto Tokens for a fee at QRYPTOS.
Doing so adds liquidity to the Token market, by providing the necessary
inventory for liquidity providers who trade on margin."
the overall liquidity of the specific Token.
Token liquidation service
"Using the LIQUID Platform, World Book and sophisticated
automated order types, [token] holders can liquidate large
positions without disrupting the market for the Crypto Token—and
without having to engage third party services.”
Does the token have any special utility?
Token holders can use QASH to pay for services on the Quoine platform and receive a 5% discount for using QASH tokens.
Has there been appropriate consideration of legal matters?
Quoine is legally compliant and regulated in Japan.
It is one of the first exchanges in the world to be fully regulated
at the country-level -- bringing security, reliability, compliance, and
governance to its products and services.
Special: Is the Japanese license valid for all projects running under Quoine or just for Quoinex?
From my understanding, the Japan FSA license applies moreso to Quoinex (the fiat to cryptocurrency exchange arm that Quoine has).
Does the project have a identifiable legal representation?
Quoine employs a Chief Compliance Officer.
Has the company provided an analysis of legal issues presented?
Yes, they address the risks of money laundering and terrorism
financing in their white paper and note the compliance and security
measures they have put in place to counteract those potential threats.
Ken Mazzio is Quoine’s Chief Compliance Officer. Ken works with an
independent internal auditor, as well as a Big 4 accounting firm as an
external auditor. (C.f. section “6.5 Compliance and Security” of the
Quoine claims to have developed a “culture of compliance” indicating that they take legal and security matters seriously.
Is there a significant legal risk to token holders or other actors?
qash's pre-ico funding approach
How was the project funded until the ICO (or token launch)?
Project was funded by Quoine.
Why does the project need funding at the moment of the ICO?
To further develop the platform.
How are the funds raised during the ICO distributed?
50% liquidity 20% product development 15% operation 15% legal/regulation
What incentive do the founders and team have to stick around after they have made a lot of money on the ICO (vesting)?
Being an entrepreneur myself, I think there is more than likely for them to stay and build it to its full maturity and fruition. Unless something drastic happens in real life (happens).
But if I'm one of Quoine's founders, what my take would be is that Quoine has a lot in store for it in future, and my curiousity and promise to Qash speculators and Quoine investors is to deliver all the way, and overdeliver too.
qash ico information
Was/is there an ICO?
The ICO only ran for 3 days (6-8 Nov 2017) because it reached the hard cap.
Did this ICO have other goals than raising funds for the project?
Not that we can tell.
Was there any people from specific countries not allowed to participate?
Yes, if they are restricted from ICOs in their jurisdiction.
According to Quoine’s white paper, “We comply with all applicable
laws and regulations of the jurisdictions in which we operate. We also
use world class tools...to manage our AML compliance and “Know Your
Customer” obligations, perform sanctions screening (UN, OFAC, EU, etc.),
and help identify Politically Exposed Persons (PEPs).”
Was there any KYC/AML check?
When was the ICO (start & end date)?
The ICO only ran for 2 days (6-8 Nov 2017) because it reached the hard cap.The original plan was to run this ICO for 1 month.
What was the min cap?
Approx. 10.5 million USD50 million Qash tokens
What was the hard cap?
Approx. 105 million USD400 million Qash token: 80% of the 500 million Qash tokens generated were distributed to the ICO participants
What was the hard cap of similar projects?
The Quoine's Qash ICO had a very high hard cap, about 3 times higher than its competitors.
B2Bx had a hard cap of approx. 30 million USD
Request Network had a hard cap of approx 32 million USD
Which digital assets could be used to participate?
BTC or ETH
Which fiat currencies could be used to participate?
How many tokens got/will-get generated during this token launch?
500 million Qash tokens got generated
TBC: how many got distributed
Will there be more tokens created after the token launch?
What is the token distribution date?
The token got distributed straight after the ICO ended
When did/will the tokens get tradable (listed on exchanges)?
TBC: a few days after the ICO ended
Was there a pre-ICO?
There wasn’t any pre-ICO
However, there was a special discount (some sort of pre-ICO) planned for the early participants.But the ICO ran for only 3 days (instead of 30) so everyone got a discount… which means no discount for anyone.
How much money was raised during the pre-ICO?
When was the pre-ICO (start & end dates)?
Was there a private sale?
Yes. Quoine has a number of angel investors.[a]
How much money was raised during the private sale?
When was the private sale (start & end dates)?
How much money was raised in total (private sale + pre-ICO + ICO)?
Unknown as we don't know how much the angel investors injected.
What was the approximate price for each token during the ICO?
Amount raised was approx. 105 million USD
Total of Qash tokens created was 400 million
1 Qash = approx. 105 / 400 = approx. 0.26 USD
What is the token allocation?
400 million Qash token: 80% of the 500 million Qash tokens generated were distributed to the ICO participants
Was there any referral program for the ICO?
Yes, there was a referral program for the ICO.
Was there any bounty campaign for the ICO?
Yes, there was a bounty campaign for the ICO.
quoine online activities and presence
How which chat platform are the team members most active?
Yes, the project has a number of high-level advisors.
Masaaki Tanaka -- former board of director at Morgan Stanley and advisor to Japan Financial Services Agency
Atsushi Taira -- former SVP at SoftBank Group Corp. and former CMO of Yahoo! Japan
Shozo Isaka -- Investment Group Leader at JAFCO Co., Ltd.
Any recognisable investors?
SBI Investments, Jafco, B Dash Ventures
quoine general marketing
Is branding taken seriously?
Yes, branding is taken seriously and works together across all platforms.
Is this project more marketed than usual (given the type of project, market cap & what competitors are doing)?
No, this project seems to fly under the radar.
Is there a clear and well defined marketing plan?
This is expected - considering the organisation behind the project -
although not communicated since a "proprietary style" ran project.
Is/are the project lead(s) regularly active on social media,
publishing articles, being interviewed (videos & podcasts) &
Overall, the leads of the project are very active: getting
interviewed, attending conferences, attending AMAs on reddit,
participating in the Telegram chat group and so on.
Is the team mostly communicating about business (partnerships, exchanges...) or technical topics?
Mike's AMA covers business and technical and support aspects: World Book progress, Qash to move towards having their own blockchain (DLT), support, hires, more coins/tokens onboarding at Qryptos, etc.
Right now, we're all waiting for World Book Beta updates and launch.
Is there much help available to get new users up to speed (wiki, articles, YouTube...)?
There isn’t much 3rd party coverage in English regarding how to use
Qryptos or Quoinex, the two existing products of Quoine. So we can
expect the same for Liquid Qash.
However, the Quoine team does publish a lot of help for their
projects (FAQ, tutorials, articles…) and provide good support (email,
Telegram…) so it does compensate.
Have marketing bounties been established to incentivise the advertising of the project?
Yes, there was a bounty program for the ICO.
Code quality & transparency
Is the code publicly available (i.e. on github)?
No - code/tech is proprietory.
Was the code audited by 3rd party companies/organisations? if yes, was the audit published publicly?
One of the Big 4 firms is auditing the code (C.f. section “6.5 Compliance and Security” of the white paper)
TBC: But there isn't any public publication of the audit
Is there any history of hacking?
Not as far as I know.
Is there any history of big bugs?
N/A. Qash is in beta stage at this moment - not fully live yet
Is there any strategy in place to avoid hacks or similar issues?
N/A. Qash is in beta stage at this moment - not fully live yet
Has a bug bounty been established to incentivise the discovery of exploits and bugs?
N/A. Qash is in beta stage at this moment - not fully live yet
Is the company/organisation regularly reporting progress on the
social media streams (facebook, Tweeter, Reddit, Medium, Telegram,
Yes, Quoine is active on social medias and making sure everyone knows their progress
quoine crypto technology
Is this project a fork of another project?
No, but Qash is using some element of Quoinex and Qryptos
How clear is the white paper?
The white paper is very clear and easy to read.
Is the white paper surprisingly short or long (i.e. 3 pages)?
The white paper is actually extremely meaty and long: 73 pages. Many of the pages, however, contain graphics instead of full text (which is easy on my eyes, but the content was good - see below next point)
In the white paper, has the concept been fully thought through and described?
Is the white paper clear on the technical implementation?
Yes, it is clear on technical implementation including diagrams.
What type of DLT is this (blockchain, DAG...)?
It is an exchange, Qash token is ERC-20 compliant.
Is there any privacy/anonymity feature (ring signature, zk-SNARKs...)?
What is the consensus used (PoW, PoS, else?)?
What is the cryptographic algorithm (maturity & strength (quantum proof?) of hash)?
What is the block time?
What is the block size?
Is there a prototype or proof of concept?
Is there a test network/project?
Is there a live network/project?
No.The Liquid Qash go-live is planned in Q2 2018.
Is the live version in alpha or beta?
It will be beta first (World Book Beta), but Qash is already up since Q4 2017.
What programming language is it written into?
What license is the code written under?
How many transactions per sec can it process, in theory?
How many transactions per sec can it process, in reality (right now)?
How long does a transaction take to process (from the moment one sends to the moment one receives), in reality?
How is the transaction fee calculated?
Can the project easily scale to millions of users?
“[Liquid Quash] Order Management System (OMS) and Matching Engine
(ME) provide 24 unparalleled banking-level performance capable of
processing millions of orders per second.
Our OMS provides a
professional-grade FIX API, with both common and advanced order types
and execution algorithms.”
Is there any history of network congestion?
Can the project easily run for decades (scale over decades)?
Is there any technical issue related to mining?
Is there any sensitive part of the tech that is not complete?
Does the technology have any unique feature?
qash token storage
Is this an ERC20 token?
Any hardware wallet supporting this crypto (Ledger, Trezor, Keepkey)?
ERC20 tokens are supported on Ledger, Trezor and Keepkey
Note/Disclaimer: My writings and works are NOT financial advice.
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