Codex Protocol Receives $5 Million Investment From Blockchain Fund Pantera Capital
Preeminent Experts Joey Krug, Abe Othman, Nader Al-Naji, David Wachsman Join Advisory Board
San Francisco, CA - February 28, 2018 (Investorideas.com Newswire) Codex, a cryptocurrency and decentralized title registry for the $2 trillion arts and collectibles (A&C) asset class, today announced that it received a $5 million USD investment from Pantera Capital, a leading investment firm focused on blockchain technologies. As Codex continues to grow its platform, Pantera's investment, along with previous investor commitments will help with protocol development and supporting participants in building applications on Codex. Pantera Capital's Co-Chief Investment Officer, Joey Krug, has also joined Codex as an advisor, serving as a blockchain technology and strategic advisor.
Codex CEO Mark Lurie said, "Codex is incredibly excited to receive strategic support and financial backing from Joey and the team at Pantera Capital, one of the most prominent funds in the blockchain space. 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."
As the first U.S. cryptocurrency investment firm, Pantera Capital exclusively focuses on investing in blockchain technologies and is one of the largest institutional owners of cryptocurrencies. The Pantera team draws upon its experience in both traditional finance and emergent blockchain technology, and strong relationships with some of the most promising projects and entrepreneurs in the space, to develop highly effective investment strategies. Additionally, Krug's position as a Codex advisor will bring industry-specific value-add resources to the project as it develops its go-to-market strategy.
"We are thrilled with the addition of Codex to our portfolio companies," said Krug. "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. 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. Through Codex, cryptoinvestors will have the ability to leverage the art and collectibles asset class for this purpose."
In a separate announcement, blockchain experts Augur advisor Abe Othman, Basecoin founder and former Google software engineer Nader Al-Naji, and blockchain and crypto communications expert David Wachsman have joined Codex's Board of Advisors alongside Krug. Othman will serve as a blockchain technology and incentive systems advisor to Codex, Al-Naji will advise the team on crypto macroeconomics, while Wachsman will guide the company's long-term communications strategy.
Abe Othman is an advisor for Augur, an open source, decentralized, peer-to-peer prediction market platform built on Ethereum, as well as other startups such as Homebase and STOX. Othman is a visiting scholar in the Operations, Information and Decisions Department of The Wharton School at the University of Pennsylvania where he builds computational engines. Othman received his PhD in Computer Science at Carnegie Mellon University and his AB in Applied Mathematics from Harvard University. In 2015, Othman was inducted into the Forbes 30 Under 30 in the energy industry for co-founding Building Robotics, a software-based system to help make buildings more energy efficient.
Nader Al-Naji is the founder of Basecoin, a stable cryptocurrency that runs on a rules-based monetary policy to achieve a price stability mandate. Al-Naji has a background in finance and software engineering. He has previously worked at D. E. Shaw & Co. in equities high-frequency trading and was a former software engineer at Google, working in Google Search and Google Ads. Al-Naji graduated summa cum laude in Computer Science from Princeton University with a certificate in Applied Mathematics.
David Wachsman is the Founder and CEO of Wachsman, the largest public relations firm specializing in digital currency and blockchain-based companies. Wachsman provides media relations, strategic communications, brand development, and corporate advisory services to many of the most indispensible companies in the financial technology, digital currency, and crypto-asset sectors. Wachsman represents prominent clients in the blockchain space, such as the Crypto Valley Association; Dash; Lisk; IOHK, the developers of Cardano; and tZERO.
Major stakeholders have embraced the Codex Protocol and its first application, Biddable, which will enable holders of cryptocurrency to bid in auctions and increase privacy and access for all bidders through a title-escrow system. The Codex Consortium's spectrum of industry partners—including collectors, auctioneers, dealers, museums, and other vetted organizations—recognizes the clear solutions to common challenges in the auction markets. The Consortium will adopt the protocol and accept cryptocurrencies exclusively through Codex from day one. Furthermore, the Codex Protocol is open source, allowing third party players in the A&C ecosystem, such as art insurers, collateralized lenders, and art logistics providers, to build applications and utilize the title system.
For more information, please visit the Codex Protocol website at https://codexprotocol.com/.
Codex CEO Mark Lurie is available for interview
Codex is the leading decentralized title registry created for the arts & collectibles ecosystem, which includes art, fine wine, collectible cars, antiques, decorative arts, coins, watches, jewelry, and more.
Powered by the DEX 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 smart deposit-escrow system deeply integrated into the Codex protocol, solving the biggest issues faced in A&C auctions: non-performing bidders, lack of privacy, and barriers to market access. To learn more about the Codex Protocol and Biddable, please visit www.codexprotocol.com.
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