Zero Hash Liquidity Service (ZHLS)

ZHLS provides in-house liquidity via a RFQ trading protocol to connected platforms. The product is convenient and the API lift is minimal.

The liquidity pairs we support for Crypto-to-Fiat vary by environment. Please contact us if you have any questions.

Quantity Precision - Represents the smallest unit that a platform can submit on an order when providing a quantity.

Any ending zeros will be dropped from the price and quantity precision.

Digital Assets Supported

ASSET	ENVIRONMENT	TYPE	QUANTITY PRECISION
AAVE	Prod	ERC20	18
ADA	Prod	Base	6
ALGO	Prod	Base	6
APE.ETH	Prod	ERC20	18
AVAX	Prod	C-Chain	18
BAT	Prod	ERC20	18
BCH	Prod/Cert	Base	8
BTC	Prod/Cert	Base	8
COMP	Prod	ERC20	18
DAI	Prod	ERC20	18
DOGE	Prod	Base	8
DOT	Prod	Base	10
EGLD	Prod/Cert	Base	18
ENJ	Prod	ERC20	18
EOS	Prod/Cert	Base	4
ETH	Prod/Cert	Base	18
FTM	Prod	Base	18
HBAR	Prod/Cert	ERC20	8
KNC	Prod	ERC20	18
LINK	Prod	ERC20	18
LTC	Prod/Cert	Base	8
MANA	Prod	ERC20	18
MATIC	Prod/Cert	ERC20	18
MATIC.POLYGON	Prod/Cert	ERC20	18
MKR	Prod/Cert	ERC20	18
OMG	Prod	ERC20	18
PAXG	Prod	ERC20	18
SHIB	Prod	ERC20	18
SOL	Prod/Cert	Base	9
UNI	Prod	ERC20	18
USDC	Prod/Cert	ERC20	6
USDC.XLM	Prod/Cert	XLM Token	6
USDT	Prod	ERC20	6
WBTC	Prod	ERC20	8
XLM	Prod/Cert	Base	7
XRP	Prod/Cert	Base	6
ZRX	Prod	ERC20	18
XTZ	Prod/Cert	Base	6

The supported fiat currencies are USD, CAD, EUR and GBP.

The supported fiat currencies must be in the account prior to exchange to prevent delayed settlement.

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 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	No	Float Account	Preferred if the platform does not wish to touch crypto in any trade Crypto and fiat legs of a trade settle immediately
Novated Deferred	No	Float Account	Preferred if the platform does not wish to touch crypto in any trade Crypto legs settles immediately, fiat leg settles T+1
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

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 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": 20000

2. Receive response

obo: on-behalf-of
Response example:

{
"message": {
    "request_id": "ad476ea9-90d0-4cbb-a785-10af88889e91",
    "participant_code": "PLAT01",
    "quoted_currency": "USD",
    "side": "buy",
    "quantity": "1",
    "price": "20000",
    "quote_id": "51fee850-1e2e-4cf9-933e-00911052785b",
    "expire_ts": 1670013576526,
    "account_group": "00SCXM",
    "account_label": "general",
    "obo_participant": {
        "participant_code": "CUST01",
        "account_group": "PLAT01",
        "account_label": "general"
},
    "underlying": "BTC",
    "asset_cost_notional": "20000"
   }
}

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”: “51fee850-1e2e-4cf9-933e-00911052785b"
}

4. Receive confirmation

{
"message": {
  "request_id": "d0b02e44-6e30-48af-bf30-4961d0b2f878",
  "quote": {
      "request_id": "ad476ea9-90d0-4cbb-a785-10af88889e91",
      "participant_code": "PLAT01",
      "quoted_currency": "USD",
      "side": "buy",
      "quantity": "1",
      "price": "20000",
      "quote_id": "51fee850-1e2e-4cf9-933e-00911052785b",
      "expire_ts": 1670013576526,
      "account_group": "00SCXM",
      "account_label": "general",
      "obo_participant": {
          "participant_code": "CUST01",
          "account_group": "PLAT01",
          "account_label": "general"
   },
   "underlying": "BTC",
   "asset_cost_notional": "20000",   
   "transaction_timestamp": 1670013573726
},
"trade_id": "2d8d4215-0dcc-437f-9676-e7408faef55d",
"status": "Completed",
"trade_ids_list": [
   "2d8d4215-0dcc-437f-9676-e7408faef55d"
  ]
 }
}

Trade ID is a single trade where both the crypto and fiat legs settle immediately.

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": 20000

2. Receive response

obo: on-behalf-of
Response example:

{
"message": {
    "request_id": "bb2699bd-2806-4527-966d-c2819e5452fd",
    "participant_code": "PLAT01",
    "quoted_currency": "USD",
    "side": "buy",
    "quantity": "1",
    "price": "20000",
    "quote_id": "d4461760-6416-4da1-80a6-de45b6c9458b",
    "expire_ts": 1670014554460,
    "account_group": "00SCXM",
    "account_label": "general",
    "obo_participant": {
        "participant_code": "CUST01",
        "account_group": "PLAT01",
        "account_label": "general"
    },
"underlying": "BTC"
"asset_cost_notional": "20000"
 }
}

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”: “d4461760-6416-4da1-80a6-de45b6c9458b"
}

4. Receive confirmation

{
"message": {
    “request_id:” “6c503408-9590-4aca-ba0a-f1fc460fa466",
    “quote”: {
        “request_id”:“bb2699bd-2806-4527-966d-c2819e5452fd”,
        “participant_code”: “PLAT01”,
        “quoted_currency”: “USD”,
        “side”: “buy”,
        “quantity”: “1”,
        “price”: “20000”,
        “quote_id”: “d4461760-6416-4da1-80a6-de45b6c9458b”,
        “expire_ts”: 1670014554460,
        "account_group": "00SCXM",
        "account_label": "general",
        "obo_participant": {
            "participant_code": "CUST01",
            "account_group": "PLAT01",
            "account_label": "general"
        },
        "underlying": "BTC",
        "asset_cost_notional": "20000",
        "transaction_timestamp": 1670014551296
},
"trade_id": "4381f259-8dc5-410e-bb1e-131e28d19108",
"status": "Completed",
"trade_ids_list": [ 
    “4381f259-8dc5-410e-bb1e-131e28d19108”,
    "9882148b-c703-459b-b86c-ece4ffd1bb32"
  ]
 }
}

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”
}

Articles in this section

Overview: Zero Hash Liquidity Service

Zero Hash Liquidity Service (ZHLS)

Digital Assets Supported

ASSET

ENVIRONMENT

TYPE

QUANTITY PRECISION

Introduction to ZHLS

Benefits of Using the ZHLS

Technology

General Guidelines

Model

Platform a counterparty to trades?

Credit Check

Notes

High Level Flow - All Models

API Documentation

Models

Standard Step-by-Step

1. Get a quote

2. Receive response

3. Execute order

4. Receive confirmation

Novated Step-by-Step

1. Get a quote

2. Receive response

3. Execute order

4. Receive confirmation

Novated Deferred Step-by-Step

1. Get a quote

2. Receive response

3. Execute order

4. Receive confirmation

Platform Direct Step-by-Step

1. Get a quote

2. Receive response

3. Execute order

4. Receive confirmation