Liquifi

What Liquifi does

Liquifi operates a FINRA-registered broker-dealer platform (CRD 335263) that facilitates issuer-authorized secondary market transactions in private company securities. The company works directly with private issuers to create bespoke, purpose-built SPVs that organize transaction conditions, information rights, pricing bands, volume limits, investor eligibility, and reporting requirements into an enforceable legal framework. Every transaction is visible to and approved by the issuing company, with full cap table control maintained throughout and structures designed to help issuers stay below SEC reporting thresholds. The platform is built exclusively on Venture360, the operating system for venture capital, enabling automated portfolio sync and GP-controlled trading parameters for fund-manager clients.

Liquifi monetizes on an agency-brokerage basis, earning transaction fees on privately negotiated secondary sales between qualified buyers and approved sellers; it does not operate an exchange or ATS and does not provide execution services. Its revenue model is complemented by a regulated closing stack combining Stripe payment processing under SEC Rule 15c3-3(k)(2)(i), North Capital escrow, Checkr.io background checks, Sanctions.io OFAC screening, and Panda Doc e-signature. Onboarding runs through a Venture360-powered waitlist, and customer segments split between private companies/issuers seeking compliant secondary liquidity, accredited investors seeking verified access to private equity, and fund managers seeking administrable SPV structures.

Following Coinbase's 2025 acquisition, the platform is being rebranded as Coinbase Token Manager effective February 28, 2026, pivoting toward token lifecycle management for crypto issuers including vesting automation, cap table management, and compliance, with integration into Coinbase Prime's institutional custody solution. Liquifi LLC remains a wholly-owned subsidiary of Venture360, Inc. and is led by CEO Rachael Qualls.

Name

Liquifi

Legal name

Liquifi LLC

Website

https://liquifi.com

Company type

Private

Founded year

2000

Operating status

Acquired

Headcount range

101–250 employees

Short description

Liquifi is a FINRA-registered broker-dealer that facilitates issuer-authorized secondary market transactions in private company securities via purpose-built SPVs, built on Venture360 and recently acquired by Coinbase for rebrand as Coinbase Token Manager.

Ownership category

akta.pro rank

Product category

Private Securities Secondary Markets Brokerage

NAICS

Securities and Commodity Exchanges (52321), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Transfer Agent, Cap Table & Token Lifecycle Management (registrar, corporate actions, burns/mints) (FSAPAIAF)

akta.pro secondary industries

Tokenized Securities & Capital Markets (Equity, Debt, Funds) (FSADAEAA), Digital Asset/Crypto Trade Execution Platforms (FSAFANAO), Tokenized Securities & Capital Markets Infrastructure (equities, bonds, funds, ATS/MTF connectivity) (FSAPAIAD)

Keywords

• Issuer-authorized secondary markets
• Private securities brokerage
• Token management platform
• Secondary transaction facilitation
• Venture capital compliance

Headquarters

HQ city

Kansas City

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Brokerage Transaction Fees: Liquifi facilitates privately negotiated secondary market transactions on an agency basis as a FINRA-registered broker-dealer. The company earns fees from transactions conducted through its platform between securities holders and investors. Transaction fees are mentioned as not included in opportunity size and price-per-share figures.
2. Agency Brokerage Services: Liquifi operates as a licensed broker-dealer providing brokerage services for secondary transactions in private company securities. The company does not provide execution services or operate an exchange or ATS.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

Liquifi operates an issuer-authorized secondary market platform for private company securities, functioning as a FINRA-registered broker-dealer facilitating privately negotiated agency-based transactions. The company works directly with private companies to create issuer-defined secondary transaction structures organized inside purpose-built SPVs, providing full cap table control, clean chains of custody, and SEC reporting threshold compliance. Following Coinbase's 2025 acquisition, the platform is being rebranded as Coinbase Token Manager effective February 28, 2026, extending into token lifecycle management including vesting automation, cap table management, and integration with Coinbase Prime's institutional custody solution.

Product overview

Liquifi offers a suite of products centered on token management and issuer-authorized secondary market transactions for private securities. The core product, Coinbase Token Manager (formerly Liquifi), provides token lifecycle management including vesting automation and cap table management. The Issuer-Authorized Secondary Markets product facilitates compliant secondary transactions using purpose-built SPVs with issuer-defined conditions. Both products are built on Venture360's venture capital operating system and integrate with Coinbase Prime for institutional custody.

Differentiator

Problem solved

Functional benefit

Products and services

• Coinbase Token Manager (formerly Liquifi) A token management platform that automates vesting schedules, manages cap tables, and streamlines compliance for crypto projects. Supports the full token lifecycle from fundraising to secondary markets and integrates with Coinbase Prime's institutional custody solution.
• Issuer-Authorized Secondary Markets A secondary transaction facilitation service that enables private companies to create issuer-authorized secondary transaction structures with issuer-defined conditions, organized inside purpose-built SPVs. Provides full cap table control, designed for compliant secondary transactions with full transparency for all parties.

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature5 records

Partnerships

One partnership is on record.

• Venture360, Inc.coreTechnology or IntegrationVenture360 licenses software to Liquifi and serves as the operating system for venture capital underlying Liquifi's platform. Liquifi, LLC is a wholly owned subsidiary of Venture360, Inc. The platform is built exclusively on Venture360, enabling automated portfolio sync and GP-controlled trading parameters.

Scale indicators1 record

Recent moves6 records

Expansion highlights5 records

Direct peers

• Hiive: Hiive operates a private-company secondary marketplace, similar in target customer (accredited investors and early stakeholders) to Liquifi. Comparable in that it is a venue for secondary liquidity, though it uses a marketplace model rather than issuer-defined SPVs.
• Forge Global: Forge operates a private securities marketplace (and previously an ATS) where investors transact in shares of private companies. It is the most direct comparator to Liquifi's issuer-authorized secondary-market model, although Forge relies on a marketplace structure rather than bespoke SPVs.
• Securitize: Securitize provides tokenization, cap-table, and transfer-agent services for digital securities, including primary issuance and secondary trading infrastructure. It is comparable to Liquifi in the tokenized-securities lifecycle, particularly the post-Coinbase Token Manager direction.
• EquityZen: EquityZen facilitates secondary transactions in pre-IPO company shares, working with issuers and investors to provide liquidity in private markets. It is comparable to Liquifi in the secondary-market use case, though typically operating with broader transaction structures rather than issuer-by-issuer SPVs.
• Echo: Echo is a capital-raising platform for on-chain assets that was also acquired by Coinbase alongside Liquifi. It is a direct peer in the token-issuance and primary-market infrastructure layer, and together with Liquifi/Token Manager it forms Coinbase's full-stack token offering.

Emerging players

• Polymath: Polymath provides tokenization infrastructure and compliance tools for security tokens, including issuance, cap-table, and transfer-agent functionality. It overlaps with Liquifi's tokenization and transfer-agent capabilities, focused on regulated digital securities.

Others

• North Capital: North Capital provides escrow, custody, and brokerage infrastructure for private securities and digital assets, and is already a Liquifi partner. As an ecosystem participant, it is comparable as adjacent infrastructure that any token-management or secondary-market platform relies on.
• Venture360: Venture360 is the operating system for venture capital on which Liquifi is built exclusively and of which Liquifi is a wholly owned subsidiary. It is comparable as a portfolio-management platform that all Liquifi secondary flows route through, and it represents the technology backbone underlying the product.

Broad incumbents

• Carta: Carta is the dominant cap-table management and private-securities administration platform, increasingly adding token management and liquidity features. It overlaps with Liquifi's cap-table and token-management capabilities, and serves the same VC-backed issuer base.
• tZERO: tZERO operates an ATS and post-trade infrastructure for security tokens, combining tokenization, trading, and custody. It is comparable to Liquifi at the trading-venue layer, though it competes primarily on regulated ATS infrastructure rather than issuer-defined SPVs.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/liquifimarket

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Liquifi