New York, NY – The PPE Exchange (www.ppexng.com) has heard from numerous buyers who have been frustrated with the failure rate of transactions and the time it wastes in their search for essential personal protective equipment. Both buyers and sellers are tired of dealing with failed transactions of face masks, gowns, and exam gloves. As a result, John Casano, the CEO of the PPE Exchange realized that something needs to change.
“The fragmented industry spends too much time chasing goods that don’t exist,” said Casano. “We were working on dozens of transactions, and they kept on falling apart. Sellers didn’t have the goods, buyers didn’t have the funds, there were a dozen brokers between the buyer and seller, to say nothing of the fraud that exists. Without changing the playing field the market is going to remain chaotic and inefficient.”
Going forward, every other Wednesday the PPE Exchange will be holding verified auction events for PPE goods.
Instead of opening the auctions to anyone, only professionally vetted lots and buyers will be admitted. The vetting process is designed to be extremely strict, erring on the side of keeping out fake market participants.
Having insight into the future auction events allows buyers and sellers to plan their supply chain and come to the market. The tiered transaction fee is as low as 0.25%, and is a fraction of the typical 10% fee seen in the industry.
“We’re looking forward to bringing our connections – both from the distribution and the consumer ends of the market–to these auctions,” says Todd Esse of Southport Trade Finance. ”We believe the launch of these auction events will reduce friction in the industry and help to accelerate trade.”
The PPE Exchange aims to make this market more efficient by:
• Only admitting verified buyers and sellers,
• Committing to a set schedule for future auction events,
• Managing the operations of the transaction,
• Charging a transaction fee lower than what others are charging, and by
• Welcoming collaboration with law enforcement and manufacturers.
The first auction is on December 2, 2020, which will be focused on brand-name nitrile exam gloves. Registration is now open and ends on Friday, November 27, 2020, followed by three (3) days of verification. The auctions will take place on Wednesday, December 2, 2020, with a two (2) day settlement period ending on Friday, December 4, 2020.
See more at www.ppexng.com/auctionevents
About the PPE Exchange
Risk-Mitigation Clearinghouse and Trading Platform for International Bulk PPE Transactions. The PPE Exchange is an international clearinghouse of end-buyers and sellers of personal protective equipment designed to be a radically transparent financial platform for institutional entities that decreases transaction friction and risk. The PPE Exchange is a Strike Labs project.
For more information, please visit www.ppexng.com / email@example.com, and www.strikelabs.io / firstname.lastname@example.org