Founded in 2014 as Quoine, the company launched the Liquid exchange in 2018, becoming one of the world's largest cryptocurrency-fiat exchange platforms. It was one of the first exchanges to be fully licensed and regulated by the Japan Financial Services Agency (FSA). The platform offered spot and margin trading, perpetual swaps, and other crypto financial services. In early 2022, Liquid was acquired by FTX. Following FTX's filing for Chapter 11 bankruptcy in November 2022, Liquid suspended all operations and withdrawals, effectively shutting down its platform for global users.