What is Request for Quote (RFQ)?

A request for quote (RFQ) is a process whereby a company requests a quote or estimate for the purchase of goods, products, or services from another company. Request for quote is also sometimes called a call for bid (CFB) or invitation for bid (IFB). In a blockchain context, an RFQ is often used by a borrower to request potential loan terms from a DeFi or blockchain company, which can be related to specialized liquidity pools or other similar mechanisms.