Asic Jungle has revealed a beta version of what it calls “the primary-ever mining hardware marketplace” for crypto mining hardware. The firm’s CEO Artem Bespaloff added that he has created a trusted platform for 2nd-hand mining equipment that operates without any middlemen:
“It’s the primary and solely online marketplace where buyers can interact directly with sellers through the platform and not need to use any brokerage services or Telegram channels [I call them ‘sketchy’ Telegram channels] as all kinds of things continue there. And we decided to make this ecosystem where buyers and sellers deal together between themselves.”
The firm’s solution to those problems may be a two-sided marketplace that connects ASIC buyers and sellers within a secure and transparent ecosystem. Consistent with Bespaloff, ASIC brokers currently charge high premiums that are taking advantage of the market’s lack of price discovery mechanisms. He believes that these brokers create information asymmetry by withholding pertinent data.
Bespaloff added that Asic Jungle upholds a variety of security measures to make sure that transactions happen within a trusted environment, along with a stress on AML compliance. As the Canada-based company will be serving users from everywhere around the world, they intend to comply with both native laws and regulations as well as the compliance laws of the U.S.
Although mining equipment becomes progressively less efficient with the passage of time, Bespaloff assured that there are many demands for second-hand equipment in places with very cheap or free energy sources, as some areas in Canada as well as Venezuela – though the residents of the latter could also be excluded from participation in an attempt to comply with the United States sanctions.