Pantera Capital, a heavyweight in the cryptocurrency and blockchain investment space, is backing Codex, a new startup working to establish a decentralized infrastructure for cataloging art and collect
Pantera Capital, a heavyweight in the cryptocurrency and blockchain investment space, is backing Codex, a new startup working to establish a decentralized infrastructure for cataloging art and collectibles. The deal comes with a $5 million investment. Pantera's co-chief investment officer, Joey Krug, is taking on an advisory position focused on blockchain strategy.
"We are thrilled with the addition of Codex to our portfolio companies," Krug said, expressing confidence in the startup's potential. "We believe in Codex's vision and its ability to radically transform how business is done in the fine arts and collectibles industry. We have also seen first hand the amount of new cryptowealthy investors looking to diversify and store value."
Pantera Capital has built a reputation by investing exclusively in digital assets and blockchain ventures. The firm's previous bets include backing Bitstamp, Abra, Circle, Brave, Ripple, OmiseGo and ShapeShift. Beyond Codex, Pantera is also betting on Maecenas, another blockchain startup working in the art space. Maecenas operates a marketplace where investors can engage with fine art using blockchain technology to reshape an industry that has undergone minimal innovation over the last three centuries.
Krug elaborated on the larger vision driving such investments: "As blockchain technology and digital currencies establish their role in the global economy over the next several years, our mission is to act as the catalyst for widespread blockchain adoption and innovation."
The technical approach Codex is pursuing involves constructing a blockchain-based registry serving the arts and collectibles world. This system would enhance market efficiency by documenting ownership lineage and confirming whether items are authentic. The range of assets the platform targets spans paintings, fine wine, vintage automobiles, antiques, decorative arts, coins, watches and jewelry.
Codex plans to debut its technology through an application called Biddable, which operates as an escrow mechanism built atop the Codex Protocol. Using DEX tokens held within smart contracts, Biddable allows auction participants to submit private bids while simultaneously preventing bid cancellation.
Mark Lurie, chief executive of Codex, voiced his enthusiasm about the partnership: "Codex is incredibly excited to receive strategic support and financial backing from Joey and the team at Pantera Capital. Their extensive knowledge of the blockchain space will be invaluable as we work alongside the Codex Consortium to place provenance on the blockchain and finally provide a title registry for the arts and collectibles asset class. The ability to prove ownership, without compromising the privacy demanded by fine art collectors, will result in a better, fairer, and bigger market for all participants."
