Sotheby's auction house introduced the option of making payments in kryptowalutach. He is welcome bitcoin i ether. However, these transactions can only be made through portfolios managed by specific companies. It is a step towards a new generation of collectors undergoing digital evolution.
The new form of payment is available only through selected wallets
Currently, Sotheby's exhibits the painting Banksy's "Love is in the Air"for which you can pay in cryptocurrencies.
Customers interested in this form of payment, however, can only make it using managed by wallets Coinbase, Coinbase Custody, Gemini, Paxos and Fidelity Digital Asset Services.
A transaction using your own wallet is therefore not possible. Payment in cryptocurrency must be preceded by the transfer of information about the planned transaction to the wallet, which is determined by the need to comply with anti-money laundering regulations.
Cooperation with Coinbase Commerce
Sotheby's has introduced a new form of payment in collaboration with Coinbase Commerce. This step was necessary for the company to be able to maintain its market advantage. The art sector is increasingly opening up to cryptocurrencies. Thanks to them, the possibilities of the auction house can significantly expand.
First Sotheby's Auction to allow cryptocurrency payments
In mid-May, the first Sotheby's auction took place, allowing the possibility of paying in cryptocurrencies. The choice fell on Banksy. There is a certain analogy here. For while this artist disrupts the art world, Bitcoin disrupts them in the area of finance. According to representatives of the auction house, this experimental project is intended to be the starting point for the use of critical currency payments in auctions. Sotheby's is well aware that it must open up to a new generation of collectors, brought up in the spirit of digital evolution.