Cryptocurrency platform Liquid.com and Virtual Currency Partners (VCP) today announced the creation of a jointly-owned entity called Liquid Financial USA Inc. (Liquid USA) to expand Liquid’s services into the US market. Liquid USA represents Liquid’s expansion plans into key growth markets, including the US, on the back of its ongoing Series C fundraise that valued the company at more than US$1 billion. Liquid will enter into the US via its holding company, Liquid Group Inc, founded in March 2019.
VCP is a consortium of successful investors and entrepreneurs investing in the fintech and cryptocurrency industries. VCP is led by Chairman Barry Schiffman, who has over 30 years’ experience investing in high-growth companies in his role as Executive Managing Director in JAFCO Ventures, the US arm of leading Japan venture capital fund JAFCO, followed by Globespan Capital Partners. Barry’s extensive Japan-US investments experience and JAFCO’s continued support over the years uniquely position Tokyo-headquartered Liquid to enter the US market with strong backing by long term investors from both the East and the West.
The parties’ commitments of capital, technology, and resources to this joint venture have enabled Liquid USA to acquire a FinCEN-registered money service business through which Liquid will access the US market. Liquid USA’s plans call for a complete offering of Liquid’s products to the US market, subject to US regulatory approvals. Pending those regulatory approvals, Liquid USA plans to make Liquid’s native token, QASH, available for utility and trading to US customers. Liquid USA’s offices are located in New York, NY, and Atlanta, GA.
“The US is one of the world’s largest markets for cryptocurrency and we have received widespread expressions of interest from our community, corporate and institutional customers to serve the US market. This joint venture and the acquisition of IQX represents our commitment to expand in the US, and we look forward to working closely with Virtual Currency Partners to accelerate our platform growth. I am personally honored and excited to be working again with Barry Schiffman, the Co-founder and former Executive Managing Director at Globespan Capital Partners, a mentor of mine from my days at Globespan dating back to 2003.”
“After nearly a year of studying the cryptocurrency space and researching a number of players, we were extremely impressed with Liquid and the strong foundation it built for itself as Japan’s first FSA-approved cryptocurrency exchange and one of the top 5 cryptocurrency exchanges in the world. I am pleased to be working with Mike again, building upon our relationship from Globespan. We are excited to join the Liquid family and to lead its expansion into the US.”
Liquid USA is presently working to obtain regulatory approvals throughout the US and is building out its team with the expectation of onboarding US clients by January 2020.