The bankruptcy claims market has a long history dating back to ancient times, evolving through various federal bankruptcy laws in the United States, including the lasting federal bankruptcy system established by the Bankruptcy Act of 1898 and the modern rules introduced by the Bankruptcy Reform Act of 1978. In recent decades, the market has grown with increased investor participation, but it previously relied on paper-based processes. Today, Xclaim, as the largest online platform for trading claims, has digitized and streamlined the process, making it more efficient and transparent for both creditors and investors.