Codex has just announced the addition of six new key partners to its ecosystem, as reported by ValueWalk. The new partners include Heffel Fine Art Auction House, Feral Horses, Luxury Asset Capital, ValueMyStuff, DUST Identity, and The Clarion List.
These partners will utilize and write on Codex’s existing title registry. All of these partnerships will play a big role in creating a bigger and more reliable market for both collectors and investors, Codex hopes.
Mark Lurie, the company’s CEO, said: “The Codex ecosystem members play an integral role in delivering additional value to Codex record holders and driving increased adoption within the industry. Until very recently, there was no permanent record to prove who owned what and when within the A&C market when almost the entire value of A&C is based on provenance and authenticity. We are committed to bringing on board the most versatile and high-quality members to the Consortium in order to provide the best vendors and data providers to our users. These partnerships will help us create a larger and more trusted art and collectibles market for collectors and investors, empowering them to purchase, sell, and utilize their luxury assets with greater confidence.”
New quality members added to Codex’s consortium
The system enables investors to bid for auctions using cryptocurrency. It’s believed that this move will help the collectibles and art market to flourish in the upcoming period. These partnerships are bound to prove fruitful for all parties. For example, Heffel, which is Canada’s most important fine art auction house, is known for hosting live and online auctions alike. The items sold at any Heffel auctions will be automatically assigned a Codex record.
Luxury Asset Capital financially backs up businesses in exchange for luxury assets that may be purchased or held onto as collateral. The partners can, therefore, make use of provenance on the Codex Protocol. ValueMyStuff can also record the results of a valuation onto the Codex Record.
DUST Identity is yet another noteworthy partner for Codex. The Boston-based technology firm uses diamond dust to imprint a unique crystalline signature on most physical items. The company is instrumental in the project as it helps to link the assets to the intangible tokens. The digital records on Codex will then be used to verify the authenticity of the scanned assets.
The Clarion List is just as important as it’s the leading online platform for discovering art services companies such as art consultants, framers, storage and installation companies, private dealers, and e-commerce platforms. Users who hold Codex Records for their assets can, therefore, grant service providers access to their virtual records.
These latest partnerships represent a big step by Codex, as they are sure to help the company expand its ecosystem and the fine art market along with it.