LiquidX, a global network for illiquid assets, continued its rapid expansion in the third quarter, as the firm added new market participants, new products and new technology. The quarter was capped by a 43 per cent increase in September volume year over year.
That momentum continued into the beginning of the fourth quarter with a 76 per cent rise in volume in October.
“We are serving more clients in different parts of the world than ever before,” says Glenn Kocher (pictured), Managing Director at LiquidX. “We are rolling out new products and expanding our client base with institutional investors and multinational corporations. We are also delighted to report that our results reflect our success in these important areas.”
LiquidX handled its first LLP, or LiquidX Partner Program, transaction during the third quarter working with a US regional bank to offer trade finance products to its clients. Under the white label program, LiquidX provides the legal, technology and operational infrastructure to allow banks to work directly with their clients in a private-bilateral environment. The firm also brought significant new seller programs onto the platform in the third quarter. For example, LiquidX handled a USD200 million transaction for a large multinational industrials company. Finally, the company expanded institutional investor participation on the platform by adding a leading global asset manager with a USD500 million portfolio dedicated to purchasing trade finance assets on the LiquidX network.
“We’re growing because we’re able to offer clients the type of programs and infrastructure they need to efficiently and effectively access working capital solutions on a global basis,” says Kocher. “And we’re not planning to slow down. Look for us to continue adding products and services to make our network even more robust and beneficial to our participants going forward.”
Global expansion also continued apace in the third quarter as LiquidX achieved a number of key milestones. The firm conducted its first transactions in Euros. It onboarded its first banking and corporate clients in Asia after opening an office in Singapore earlier in the year. LiquidX facilitated its first Sharia-compliant transactions and the company further expanded its geographical reach by increasing the number of jurisdictions covered under its global legal framework.
“We have aggressively worked to open our platform to global participants by extending our legal framework to new jurisdictions, opening new offices in Europe and Asia and conducting transactions in multiple currencies,” says Kocher. “We are continuing to expand during the fourth quarter and look forward to achieving even more by the end of the year.”
LiquidX has also continued to invest in technology. The firm rolled out a new web-based platform in the third quarter which is designed to host all of its upcoming product releases and considerably improve user experience.
