With The Codex and Biddable, crypto investors will be able to store value in assets with low correlation to cryptocurrencies. Traditionally, investors have utilized art for this purpose. It’s no surprise to me that industry players like and are embracing and supporting the Codex Protocol and Biddable.”įabrice Grinda, the founder of FJLabs and OLX.com, said, “The vast amount of new, wealthy cryptoholders in the world are looking for uncorrelated and discrete ways to store value. Decentralized applications hold immense promise to make the auction process easier, more trustworthy and more accessible, especially to the growing amount of crypto wealth around the world. Furthermore, the Codex Protocol is open source, allowing third-party players-such as art insurers, collateralized lenders, and art logistics providers-in the A&C ecosystem to build applications and utilize the title system.īrook Hazelton, Christie’s President of the Americas, said, “The first priority of any auction house is its clients, which means delivering authentic items and making bidding easy for buyers, and maximizing proceeds for consignors. Advisors to the Codex Protocol include Brook Hazelton (Christie’s President of the Americas) and Fabrice Grinda (Super Angel and Founding Partner of FJ Labs). Codex’s primary investors include Bessemer Venture Partners and FJ Labs.
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Of particular note, the Consortium’s members include and, the leading marketplace and software providers, respectively, to the A&C market. Through the consortium members, holders of BidDex will be able to bid on over $6 Billion of A&C in tens of thousands of auctions from over 5,000 auctioneers upon launch of the protocol. The Codex Consortium will span the complete spectrum of all industry partners – including collectors, auctioneers, dealers, museums, and other organizations vetted by existing members – who will adopt the protocol and exclusively accept BidDex from day one. The Biddable application will enable cryptoholders to diversify into A&C, enables existing collectors to bid in auctions more easily, and saves auction houses substantial lost revenue.īecause the Codex Protocol and Biddable present clear solutions to common challenges in the auction markets, major stakeholders have enthusiastically embraced the protocol and technology. Biddable enables bidders to instantly and privately bid in auctions by depositing cryptocurrency into a smart escrow contract, which deters reneging. Aside from being invasive from a privacy perspective, up to 20% of new auction applicants are excluded, especially international buyers and crypto holders who don’t have translated or verifiable financial records. Because of this, auction houses require extensive financial disclosures from potential bidders just to participate.
Today, auction houses lose substantial revenue to bidders who renege on items they win. As the first application to provide direct access to the market, Biddable will drive Codex adoption from both sides of the A&C auction market. This will enable art and collectibles to flourish as a financial asset class, resulting in a larger, better, and fairer market for collectors, intermediaries and artisans.”Ĭodex’s landmark application, Biddable, will enable holders of cryptocurrency to bid in auctions and will increase privacy and access for all bidders through a title-escrow system. Now, with the blockchain, they can prove ownership without compromising privacy. Collectors have always balked at disclosing their assets to a central authority. This is especially important in art & collectibles because almost the entire value is based on provenance and authenticity. The Codex Protocol will be powered by the BidDex Token, which will be released in a Token Generation Event (TGE) in early 2018.Ĭodex CEO Mark Lurie said, “The global art & collectibles market is approximately $2 Trillion, yet today there is no way to prove who owned what, when. Unlike other major asset classes, the A&C market lacks a title registry, hampering the ability to buy, sell, securitize, insure, and lend against the asset class. Native Token To Become Industry Standard As The Exclusive Cryptocurrency Accepted By ConsortiumĬodex, a cryptocurrency and decentralized title registry for the $2 trillion dollar arts & collectibles (A&C) asset class, today announced its provenance-based protocol that addresses the most pressing challenges faced by the industry.
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