Blockstream’s Liquid Federation welcomed 10 new members — comprising notable crypto exchanges and custody providers.
Blockstream’s Liquid sidechain settlement network welcomed 10 new members to the Liquid Federation on March 27.
The new additions bring the Liquid Federation’s membership up to 45 — including crypto exchange trading desks, and financial institutions.
New members come from diverse backgrounds
The new members include hardware wallet manufacturer Ledger, peer-to-peer exchange Hodl Hodl, crypto trade firm MerklePro, cryptocurrency manager Point95, Wiz, Blockchain tool developer Wyre, blockchain marketplace STOKR, and crypto fund manager ListedReserve.
Daniel Pickering, ListedReserve’s chief investment officer, emphasizes that ensuring capital can circulate quickly is essential to the firm’s operations. “The Liquid Network is enabling much faster movement across exchanges around the world,” he added.
Liquid is a sidechain built by blockchain tech company Blockstream. Unlike the Lightning sidechain which is designed to quickly clear a large volume of smaller transactions, Liquid caters to larger transactions and can hide the sums involved in a transfer.
Many major crypto firms are currently members of liquid, including exchanges Bitfinex BitMEX, Huobi, Unocoin, and SIX Digital Exchanges.
New federation members to launch Liquid-based products and services
After joining Liquid, ListedReserve now plans to launch an Australian dollar-pegged stablecoin on the network.
Ledger plans to support Liquid assets on its hardware wallets and in its Ledger Vault. Hodl Hodl will be supporting L-BTC as a payment option on its Bitcoin (BTC) marketplace.
The Liquid network now exhibits great liquidity than the Lightning network — with 952 BTC held on Liquid as opposed to Lighting’s 899 BTC. $16 million in Tether (USDT) is also circulating on Liquid.
BTSE launches first exchange token on Liquid
At the start of March, Liquid member and crypto exchange, BTSE, launched what it claimed to be the first native exchange token on the Liquid Network.
The BTSE initial exchange offering (IEO) sold out in four hours, distributing 1 million BTSE tokens for $2 each.