We’d like to introduce a new tool for investors on the eXchange: Proxy bidding.
You can now set a maximum price you’d be willing to pay for an asset and our system will automatically outbid other investors. If an asset owner ignores or rejects your offer, you will automatically place a higher offer the next day.
This allows you to set it and forget it to make sure you don’t miss out on the opportunity to acquire new royalty assets on the eXchange.
It’s important to note - the proxy system will not respond to counteroffers. Should an asset owner make a counter offer, you will still have to respond manually. We built the system this way so that asset owners couldn’t simply make a high counteroffer to max out your proxy bid and discover how high you were willing to go.
However, your proxy bid will automatically accept list prices if the seller sets one that is within your proxy range. For example, if you place a max bid of $25,000 on an asset and the seller sets their list price at $24,000 while your proxy is still open, you will instantly buy that asset for $24,000.
Also, please note that you will no longer be able to withdraw offers on the eXchange. We made this change to prevent another investor from placing a high offer that they immediately withdraw to max out your proxy bid.
For a more in-depth overview, please watch our short video walkthrough:
FAQ
What is to stop a seller from just counter-offering until they reach my proxy limit?
The proxy offer will only respond to other offers made by other investors. Any counter offer you receive will still need to be manually responded to.
What happens if two investors make a proxy offer for the same limit?
In the case where two proxy offers have the same limit, both offers will offer their limit and then be closed. New proxy offers can then be placed.
Will my offer be marked as a proxy offer?
No, there will be no outward indication that an offer placed has a proxy attached to it, or that it is a response from a proxy offer.
What happens if my proxy offer expires, but there is still room left before my proxy limit?
If a proxy offer expires after the 72 hour offer window, a new offer will be made immediately after the expiry. The new offer will be increased per the increments set on the proxy.
Can I cancel my proxy?
Yes, you can cancel your proxy at any time. However, offers placed from the proxy cannot be canceled and are considered legally binding offers per the Royalty Exchange Terms of Use.
How does my proxy interact with list prices?
If the seller sets a list price after you’ve placed a proxy and it’s within your max proxy range – you will automatically accept the list price.
Please let us know if you have any additional questions and thank you for your participation in the Royalty Exchange marketplace.
