THE ART NEWSPAPER | Gabriella Angeleti:
The online auction company Paddle8 announced that it will merge with the Swiss technology company The Native and introduce blockchain-based sales. The auction house’s first sale accepting Bitcoin is slated to launch on 18 August. The popularity of blockchain currencies has been growing despite—or because of, depending on your perspective—the fact that they are not backed by any national governments or central banks.
Supporters of the virtual currencies argue they provide fraud prevention and improved asset and identity tracking. But the US Securities and Exchange Commission warned investors this month the risks of of illegal trading in the cryptocurrency market, and the increasing scrutiny of regulators was behind a major crash in Bitcoin’s value last week.
Paddle8 says the move is a step toward restructuring the art market for a younger generation that is increasingly investing in cryptocurrency…read more
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