TOKEN HOUSE
Bulls and bears trading on a crowded exchange floor

TOKENHOUSE

COMPUTE EXCHANGE

FUTURE INFERENCEMADE TRADABLE.

ICommerce

Commerce
came first.

For most of history, markets were places.

Merchants gathered because goods were scattered, information was scarce and prices were uncertain.

Bringing buyers and sellers together changed that.

A market made a price visible.
IIOwnership
From voyagesto divisible claims

Then ownership
became a market.

Ships and voyages required more capital than any one merchant wished to risk.

Ownership was divided. Claims changed hands. Capital became liquid.

What could be owned could be traded.
Bulls and bears underwriting maritime risk inside a candlelit coffee house
IIIRisk

Then risk
found a price.

Merchants once gathered in a London coffee house to exchange intelligence about ships, cargo and distant seas.

Some sought protection. Others were willing to bear the risk for a price.

A market formed between them.

Risk became an asset.
IVTime

Then time
found a price.

A bushel today and a bushel after harvest were not the same thing.

Producers wanted certainty. Buyers wanted supply.

Exchanges standardised the promise of future delivery.

Time became part of the price.
Bulls and bears trading grain obligations in a nineteenth-century commodities hall
VThe next market

NOW,
COMPUTE.

Artificial intelligence has created one of the world's fastest-growing industrial inputs.

Yet computational capacity is still largely bought as a service:

fragmented,
on demand,
at someone else's price.

We think it becomes a market.
THMercantile
Compute Exchange
Market proposition

Two sides.
One market.

02Demand

Buy inference across available capacity.

Find the lowest
price for inference.

Buy compute

Everything scarce eventually finds a market.

Land.Grain.Ships.Metals.Energy.Capital.Risk.Time.Compute.
TOKEN HOUSEMercantile Compute Exchange
Enter the market