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Luxor has launched its first ASIC RFQ platform with the aim of maximizing transparency and market access.
Luxor Technologies, a full-stack Bitcoin mining software and services company, has launched its first request-for-quote (RFQ) platform to buy and sell Bitcoin mining hardware.
A press release sent to Bitcoin Magazine explains what the RFQ platform is, saying “RFQ is a marketplace where users can place orders (requests) for specific items. Luxor’s two-sided RFQ allows buyers and sellers to create requests for Bitcoin mining ASICs.”
The idea was that it would create a more liquid and easy-to-use market for ASICs — special machines built specifically for mining bitcoins. According to the release, “Using an open bidding system, ASIC traders can place requests and negotiate prices directly, increasing price discovery and increasing liquidity in the secondary market.”
Prior to this market, ASIC traders had struggled with a fragmented and opaque over-the-counter market. This system would theoretically increase market transparency, while allowing easier access and more precise market pricing. ASIC brokers will form the backbone of market makers on the platform, and they will be able to leverage them to improve transaction flow and facilitate more transactions.
“We built RFQ Luxor because we saw the need for a unified platform to trade Bitcoin mining hardware,” comments Luxor Operations Manager Lauren Lin. “Before, buyers and sellers relied on a patchwork of places to buy and sell mining hardware. Now, they can view bids, listings, and closing prices all in one place, which increases price transparency and speeds up the mining hardware procurement process.”
The RFQ platform will offer buyers great flexibility, allowing them to define orders based on quantity, condition, model type, location and more. In addition, sellers will be able to mix and match models from different manufacturers in their orders. The platform’s auction style bidding process will benefit both the seller and the broker.
Luxor stated that they are committed to transparency, saying that “Platform fees are transparent and volume based so that market makers can transact in a bigger and more profitable way.”.
Bitcoiners interested in learning more about RFQ Luxor, can visit the RFQ website or contact the company at: [email protected].
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