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RateXchange, based in San Francisco, was originally a business-to-business e-commerce company providing a vertical marketplace for the telecommunications industry. RateXchange provided web-based 'lead generation' for US domestic and international telephony traffic, private lines and market information services for more than 4,000 members. Through its Real-Time Bandwidth eXchange (RTBX), a switch-based commodity exchange for telecommunications capacity, carriers and Internet Service Providers had the ability to interconnect and trade voice and data capacity. RateXchange was named one of the 'Top 25 Hot Startups of 1998' according to Data Communications magazine, and was recognized as a leader in the rapidly emerging bandwidth exchange industry.