Decentralized Title Registry for the Arts & Collectibles Market Picked Among Group Of 30 Token Projects
Codex, a cryptocurrency and decentralized title registry for the $2 trillion dollar arts & collectibles (A&C) asset class, is pleased to announce that Codex has won the Token Pitch Competition at the World Crypto Economic Forum, held in San Francisco on January 15 to 16, 2018. Codex was chosen among a group of 30 blockchain projects in contention, winning the special nomination from Havven.io and the first prize award from Roadshow.io. In attendance at the conference were blockchain and crypto industry heavyweights and influencers, including “smart contracts” pioneer Nick Szabo, XRP Capital & TechCrunch founder Michael Arrington, and Augur Co-founder & Pantera Capital Co-Chief Investment Officer Joey Krug.
Codex CEO Mark Lurie said, “We’re thrilled to have had the opportunity to showcase among such a high quality group of contenders. The variety of projects really shows the wide-reaching transformative power of blockchain technology across multiple industries. This recognition validates our vision to bring arts & collectibles provenance onto the blockchain and to address the challenges faced by the industry.”
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. This is especially important in art & collectibles as almost the entire value is based on provenance and authenticity. Through the use of blockchain technology, bidders and sellers can prove ownership without compromising their privacy. Additionally, Biddable, Codex’s first product, will enable holders of cryptocurrency to bid in auctions and will increase privacy and access for all bidders through a title-escrow system, driving Codex adoption from both sides of the A&C auction market.
Lurie adds, “The Codex Protocol and Biddable present clear solutions to common challenges in the auction market, which is why major stakeholders have enthusiastically embraced the protocol. We look forward to working hand-in-hand with our industry partners and advisors to deliver a product that will improve the auction process, broaden auction accessibility, and become the industry standard.”
The World Crypto Economic Forum brought together over 1000 attendees that included entrepreneurs, crypto enthusiasts, and thought leaders. The San Francisco Bay Area event was the first of a series of events around the world to support the blockchain community and create a global network of entrepreneurs and developers in today’s fast-evolving blockchain economy.
Codex is the leading decentralized title registry for the $2 trillion arts & collectibles (“A&C”) ecosystem, which includes art, fine wine, collectible cars, antiques, decorative arts, coins, watches, jewelry, and more. Powered by the BidDex native token, the Codex Protocol is open source, allowing third party players in the A&C ecosystem to build applications and utilize the title system. Codex’s landmark application, Biddable, is a title-escrow system built on the Codex protocol, which solves long-standing challenges in auctions: non-performing bidders, lack of privacy, and bidder access. The Codex Protocol and BidDex will be adopted as the only cryptocurrency by The Codex Consortium, a group of major stakeholders in the A&C space who facilitate over $6 Billion in sales to millions of bidders across tens of thousands of auctions from 5,000 auction houses in over 50 countries. To learn more about the Codex Protocol and Biddable, please visit www.codexprotocol.com.