The Liquid Federation is excited to share two recent growth milestones: the successful election of 2025 governance boards and the addition of five new member companies to the Federation, bringing total membership to 81. Together, these developments reinforce the Federation’s commitment to supporting decentralization, driving Liquid’s global reach and building Bitcoin-native capital markets.

As the network grows, so does the importance of effective governance. At the core of that governance lies the Federation boards, elected annually to reflect member priorities and support Liquid’s evolving technical roadmap.

Distributed Governance Model


Every year, Federation members vote to elect new representatives to three governance boards: Oversight, Technology and Membership. Each board consists of five seats, with no Federation member permitted to occupy more than one seat per board.

These boards provide leadership, shape Liquid's technical trajectory and maintain the integrity of the Federation's membership. This governance framework is separate but complementary to the 15 functionary operators who secure the network and to Blockstream, Liquid's technical provider.

The Liquid Federation's structure is separated between network roles and governance roles. Functionary operators secure the network, which is then supported by three boards, with Blockstream serving as a technical provider.

2024 Liquid Boards Progress Report


Before turning to the newly elected boards, it's worth taking stock of the groundwork laid by last year’s leadership towards this next governance cycle.

  • The Oversight Board led changes to improve communication and brand consistency. The board oversaw an effort to update Liquid’s brand, including removing the hyphen from "LBTC" to align it with industry naming standards. The board also initiated a platform migration for intra-Federation communication to strengthen operational security.

  • The Technology Board advanced a slew of critical protocol upgrades. It initiated and tested Lowball, which later became ELIP 200 (DiscountCT), reducing confidential transactions (CT) fees by up to 90%. The board also introduced ELIP 201 (DustCT), setting a new network-wide dust limit of 21 sats. Finally, they proposed support for asset-agnostic transaction fees, such as USDT, a feature still under development, which the new board will continue to promote in order to streamline payment use cases on Liquid.

  • The Membership Board evaluated and approved 14 new members, reflecting growing interest from merchants and enterprises. The board also implemented a new onboarding requirement (a formal LOI submitted) aimed at improving transparency and alignment. Additionally, they voted to remove several inactive or defunct members, including Wyre, The Rock Trading and Bitcoin Reserve, helping to preserve active governance participation.

2025 Liquid Board Members


With that momentum in place, the Liquid Federation is pleased to announce the new cohort of board members leading the network into its next phase of adoption.

Subsequent to this year's elections in May, 15 newly elected representatives have taken their seats across the Membership, Technology and Oversight Boards. Each will serve a one-year term, helping to shape the Federation’s priorities and operations over the next 12 months. The board composition is as follows:

Membership Board: Evaluates new applicants and periodically reviewing member activity.

Technology Board: Guides technical priorities and interfaces directly with Blockstream.

  • James Regan, Platform and Blockchain Lead – DIGTL
  • Kilian Rausch, CEO – Boltz
  • Marco Argentieri, Co-Founder – Vulpem Ventures
  • Roy Sheinfeld, CEO – Breez
  • Samson Mow, CEO – JAN3

Oversight Board: Handles governance policy, recommends operational standards and leads external network communications.

Federation Grows to 81 Members


While the Federation's governance matures internally, Liquid continues to grow externally and attract new allies. In parallel with the new boards, five new member companies: BSOS, EchoX, NEXBRIDGE, SANCOM and SmartPay have joined, bringing the total membership to 81.

These new members bring deep regional expertise and established networks across Asia-Pacific and Latin America. These attributes are a meaningful step in growing Liquid’s footprint within global financial infrastructure.

 The following summaries outline each member's integration and note the incremental functionality available to end-users, application developers and enterprise stakeholders building on Bitcoin. 

BSOS

Taiwan-based BSOS specializes in bridging traditional finance with blockchain innovation. Its RWA issuance platform, built on Liquid technology, offers an institutional-grade framework for managing the full lifecycle of RWA tokens. The platform ensures seamless integration with existing financial infrastructure and meets the highest regulatory standards, making it an ideal choice for financial institutions embracing digital transformation.

EchoX

EchoX is a leading blockchain technology provider in the Asia-Pacific region, dedicated to delivering compliant and legally sound cross-border digital asset services. The firm boasts a comprehensive suite of digital financial tools, including MPC vaults, digital asset management platforms and payment solutions. By joining the Liquid Federation, EchoX aims to drive institutional adoption of Liquid Network, increase USDT settlement volume and build a more efficient and reliable digital asset ecosystem to accelerate the growth of blockchain finance across Asia.

NEXBRIDGE

NEXBRIDGE, a digital asset issuer registered in El Salvador, recently launched USTBL, the first public offering of tokenized US Treasury exposure fully regulated by the National Commission of Digital Assets (registration AD-00004). Utilizing the Liquid Network and Blockstream’s Asset Management Platform (AMP), USTBL provides investors with blockchain-native access to the returns of a short-term US Treasury ETF (ISIN IE00BGSF1X88). The initial issuance reached its $30 million soft cap within 48 hours, underscoring the institutional demand for secure, regulated and liquid digital instruments.

SANCOM

SANCOM is a technology company developing telecom solutions for efficient, secure processing of voice, messaging and data traffic. By joining the Liquid Federation, SANCOM will embed Liquid Network’s confidential, token-based settlement rail into its Automated Settlement Engine. This will enable inter-carrier clearing to shift from periodic netting to near-instant, programmable reconciliation, paving the way for tokenized capacity contracts among operators.

SmartPay

SmartPay and its companion app Truther have been pioneers in blockchain-based payments in Brazil since 2019. They developed VRL, a stablecoin backed by the Brazilian real and issued on Liquid, in order to enable secure, confidential stablecoin transactions. The platform further connects PIX (the Brazilian real payment system) and blockchain technology while adhering to the Travel Rule and AML standards. This ensures that clients' funds are transferred safely, independently and in compliance with the latest regulatory frameworks.

Connect


The Liquid Federation continues to grow in scope, depth and global relevance. If your business or organization is building payment systems, tokenization infrastructure, or other enterprise solutions on Liquid, consider applying for membership. If you are new to the space and would like to learn the benefits of integrating Liquid into your operations, please get in touch.

To stay informed about network upgrades, demos and new member initiatives, follow Liquid on X and YouTube.