Building the trading infrastructure for resale markets

The same stock traded at different prices in Philadelphia and New York. Traders hired runners to sprint between exchanges. Arbitrage was everywhere, but only the fastest could capture it.

Then the ticker tape unified every price onto a single stream. Transparency created liquidity. Liquidity created the exchange.

The same sneaker trades at different prices on eBay, StockX, GOAT, and a dozen other platforms. Resellers check prices thousands of times a day. The $50B US resale market still has no unified price.

No marketplace will ever aggregate competitor data. eBay will never show that the same shoe is cheaper on StockX. It is the same structural inefficiency, 160 years later.

Every marketplace, every price, one orderbook. We are building the ticker tape for secondhand goods.

The ticker tape became the stock exchange. SPRD will follow the same path.