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Overview: Zero Hash Liquidity Service

Zero Hash Liquidity Service (ZHLS)

ZHLS provides customizable liquidity to Zero Hash participants and platforms across dozens of digital assets.

Supported Assets

The assets that we support vary by environment:

Asset Environment
BTC Prod/Cert
ETH Prod/Cert
LTC Prod/Cert
USDC Prod/Cert
USDT Prod/Cert
BCH Prod
BAT Prod
OMG Prod
DAI Prod
TUSD Prod
EOS Prod
LINK Prod
0x Prod
PAX Prod
XLM Prod
XRP Prod
EJN Prod
DOT Prod
PAXG Prod

 

The supported quote currencies are USD, CAD, EUR, GBP, USDT, and USDC. These are available for all underlying assets seen above. It's possible that some asset configurations must be made on a per-participant basis, so please communicate with a Zero Hash representative if you are getting a rejection message. 

Introduction to ZHLS

Similar to how “Banking as a Service” enabled FinTechs to focus on building products, Zero Hash provides the infrastructure to clear and settle digital assets in a completely automated and regulated way. Zero Hash provides liquidity as a service, providing a “one stop shop” for settlement and liquidity services through API that enables best execution and customization.

This FAQ outlines how to incorporate ZHLS execution streamline to the Zero Hash settlement workflow.

Benefits of Using the ZHLS

Zero Hash’s liquidity provides clients the ability to source liquidity across assets through a couple of lines of code. This provides a building block to innovate and develop products within the digital asset eco-system.

In addition, since liquidity is sourced directly from Zero hash as opposed to an external party, settlement occurs instantaneously improving speed and cost since there are no network fees or on-chain confirms.

Technology

General Guidelines

  • All quotes expire after 5 seconds.
  • Certain configurations need to be made by the Zero Hash Client Services team. Please reach out to support@seedcx.com or via a shared Slack or Telegram channel to enquire about using the product.
  • We currently support 3 different models (See below sections for details). Work directly with a Zero Hash representative to learn which suits your platform best:
Model Platform a Counterparty to trades? Credit Check Notes
Standard Yes Platform's Account Preferred if the platform is indifferent to taking on a crypto side of the trade
Novated Deferred No Float Account
  • Preferred if the platform does not wish to touch crypto in any trade
  • Cash leg is settled on T+X
Platform Direct No Platform Customer Account
  • Useful for platforms that wish to ledger the customer's fiat balance at Zero Hash
  • Platforms can show a "Available" versus "Pending" balance on their front end

 

High Level Flow- All Models

mceclip2.png

 

API Documentation

 

Models

Standard

Step-by-Step

1. Get a quote

  • Send a GET /liquidity/rfq request.
  • Assume a Platform with the participant_code PLAT01 is submitting this request
  • Request examples with parameters (you must enter either a quantity or total figure):

Quantity

"side":"buy",
"underlying":"BTC",
"quoted_currency":"USD",
"quantity": 1

 

Total

"side":"buy",
"underlying":"BTC",
"quoted_currency":"USD",
"total": 65000

 

2. Receive response

  • Response example (applicable to both Quantity and Total example above)
{

"message": {
"request_id": "ce819fe8-b1d7-43bb-961c-e09ede0988d3",
"participant_code": "PLAT01",
"quoted_currency": "USD",
"side": "buy",
"quantity": "1",
"price": "65000",
"quote_id": "5cd07738b861c31e3bd61467BTC1Buy1568311644602",
"expire_ts": 1624314992377,
"account_group": "00SCXM",
"account_label": "general",
"underlying": "BTC"
}
}

3. Execute order

  • Send a POST /liquidity/execute request using the quote_id from the response in step 2.
  • The credit check is done on the PLAT01's USD balance, 00SCXM account group.
  • You will have 5 seconds before the quote expires.
  • Execution example:
{
“quote_id”: “5cd07738b861c31e3bd61467BTC1Buy1568311644602"
}

 

4. Receive confirmation

{
“request_id:” “14f8ebb8-7530-4aa4-bef9-9d73d56313f3",
“quote”: {
“request_id”:“ce819fe8-b1d7-43bb-961c-e09ede0988d3”,
“participant_code”: “PLAT01”,
“underlying_currency”: “BTC”,
“quoted_currency”: “USD”,
“side”: “BUY”,
“quantity”: “1”,
“price”: “65000”,
“quote_id”: “5cd07738b861c31e3bd61467BTC1Buy1568311644602”,
“expire_ts”: 1568311649602,
"account_group": "00SCXM",
"account_label": "general,
},
“trade_id”: “ba97133e-ab15-4c86-86c1-86671b8420bc”,
“status”: “Completed”
}

When your trade has completed, the asset that the platform purchased will be auto-allocated to the Zero Hash Liquidity Services (00SCXM) platform, or account group. If you wish to allocate assets purchased via the liquidity stream to a separate account group, you will need to do this via the allocations page on the portal or the POST /transfers endpoint.

 

Novated Deferred

Step-by-Step

1. Get a quote

  • Send a GET /liquidity/rfq request
  • Enter your customer participant code as participant_code
  • Request examples with parameters:

Quantity

"side":"buy",
"underlying":"BTC",
"quoted_currency":"USD",
"participant_code":"CUST01",
"quantity": 1

 

Total

"side":"buy",
"underlying":"BTC",
"quoted_currency":"USD",
"participant_code":"CUST01",
"total": 65000

 

2. Receive response

  • obo: on-behalf-of
  • Response example:
{
"message": {
"request_id": "ce819fe8-b1d7-43bb-961c-e09ede0988d3",
"participant_code": "PLAT01",
"quoted_currency": "USD",
"side": "buy",
"quantity": "1",
"price": "65000",
"quote_id": "5cd07738b861c31e3bd61467BTC1Buy1568311644602",
"expire_ts": 1624314992377,
"account_group": "00SCXM",
"account_label": "general",
"obo_participant": {
    "participant_code": "CUST01",
    "account_group": "PLAT01",
    "account_label": "general"
                   },
"underlying": "BTC"
}
}

 

3. Execute order

  • Send a POST /liquidity/execute request using the quote_id from the response in step 2.
  • The credit check is done on the PLAT01's Float Account. This is under the 00SCXM participant code, PLAT01 account group.
  • You will have 5 seconds before the quote expires.
  • Execution example:
{
“quote_id”: “5cd07738b861c31e3bd61467BTC1Buy1568311644602"
}

 

4. Receive confirmation

{
“request_id:” “14f8ebb8-7530-4aa4-bef9-9d73d56313f3",
“quote”: {
“request_id”:“ce819fe8-b1d7-43bb-961c-e09ede0988d3”,
“participant_code”: “PLAT01”,
“underlying_currency”: “BTC”,
“quoted_currency”: “USD”,
“side”: “BUY”,
“quantity”: “1”,
“price”: “65000”,
“quote_id”: “5cd07738b861c31e3bd61467BTC1Buy1568311644602”,
“expire_ts”: 1568311649602,
"account_group": "00SCXM",
"account_label": "general",
"obo_participant": {
     "participant_code": "CUST01",
     "account_group": "PLAT01",
     "account_label": "general"
                   },
“trade_ids”: { “ba97133e-ab15-4c86-86c1-86671b8420bc”,
               "6e6aa53f-8454-42a4-ad5b-9c941b92e642"
             }
“status”: “Completed”
}

 

You will receive 2 trade id's in the response. 1 is settling the crypto leg immediately into the customer account, and the other trade is reserved for the USD leg, which will settle on a T+X basis.

 

Platform Direct

Step-by-Step

1. Get a quote

  • Send a GET /liquidity/rfq request.
  • Enter your customer participant code as participant_code
  • Request examples with parameters:

Quantity

"side":"buy",
"underlying":"BTC",
"quoted_currency":"USD",
"participant_code":"CUST01",
"quantity": 1

 

Total

"side":"buy",
"underlying":"BTC",
"quoted_currency":"USD",
"participant_code":"CUST01",
"total": 65000

 

2. Receive response

  • obo: on-behalf-of
  • Response example:
{
"message": {
"request_id": "ce819fe8-b1d7-43bb-961c-e09ede0988d3",
"participant_code": "PLAT01",
"quoted_currency": "USD",
"side": "buy",
"quantity": "1",
"price": "65000",
"quote_id": "5cd07738b861c31e3bd61467BTC1Buy1568311644602",
"expire_ts": 1624314992377,
"account_group": "00SCXM",
"account_label": "general",
"obo_participant": {
    "participant_code": "CUST01",
    "account_group": "PLAT01",
    "account_label": "general"
                   },
"underlying": "BTC"
}
}

 

3. Execute order

  • Send a POST /liquidity/execute request using the quote_id from the response in step 2.
  • The credit check is done on the CUST01's USD account. This is under the CUST01 participant code, PLAT01 account group.
  • You will have 5 seconds before the quote expires.
  • Execution example:
{
“quote_id”: “5cd07738b861c31e3bd61467BTC1Buy1568311644602"
}

 

4. Receive confirmation

{
“request_id:” “14f8ebb8-7530-4aa4-bef9-9d73d56313f3",
“quote”: {
“request_id”:“ce819fe8-b1d7-43bb-961c-e09ede0988d3”,
“participant_code”: “PLAT01”,
“underlying_currency”: “BTC”,
“quoted_currency”: “USD”,
“side”: “BUY”,
“quantity”: “1”,
“price”: “65000”,
“quote_id”: “5cd07738b861c31e3bd61467BTC1Buy1568311644602”,
“expire_ts”: 1568311649602,
"account_group": "00SCXM",
"account_label": "general",
"obo_participant": {
     "participant_code": "CUST01",
     "account_group": "PLAT01",
     "account_label": "general"
                   },
“trade_id“:"ba97133e-ab15-4c86-86c1-86671b8420bc",
“status”: “Completed”
}