Asset-Backed Loans for Arts & Collectibles; Codex Partners with Luxury Asset Capital
Savvy investors have looked toward the USD 2 trillion A&C asset class for centuries for low correlation to financial markets, risk-aversion, tax efficiency, simplicity, and aesthetic delight. Now, with asset-backed loans, assets that are high in value but low in liquidity are used for capital in exchange for luxury assets that are purchased or held as loan collateral.
With the Codex Protocol and Luxury Asset Capital partnership, receiving an asset-backed loan for items that hold a Codex Record, including unique assets like art, jewelry, diamonds, luxury accessories and more, is seamless. The provenance data of the piece stored in the Codex Record proves its value and facilitates Record holders to;
“leverage their past through the luxury assets they already own, rather than their future,” Dewey Burke, President and CEO of Luxury Asset Capital.
Codex Records are ERC-721 tokens used within Codex Protocol’s decentralized title registry for unique assets to store information with privacy and ease. The virtual titles also facilitate services to interact with the piece it represents. Artists, appraisers, insurers, asset-back lenders, and partners of Codex engage with the token, and with the owners’ permission, provide proof of authenticity, ownership, and add provenance information. Visibility into its monetary value over time is increased as this occurs.
Asset-backed loans and other online interactions with the virtual title add to the Codex Record. Luxury Asset Capital is a leader in the fast-growing online alternative lending market, providing capital to individuals and businesses in exchange for luxury assets that are either purchased or held as loan collateral.
With blockchain technologies opening up opportunities for transformation across the art & collectibles market, at Codex Protocol, we’re working with stakeholders to build upon them.
About Luxury Asset Capital
Luxury Asset Capital is a leader in the alternative financing market. Through its online platform, Lux Exchange, the company provides capital to individuals and businesses in exchange for luxury assets that are held as collateral. Lux Exchange provides capital when traditional channels of financing are either too slow, invasive, burdensome or, in some cases, unavailable. Transactions are executed in as little as one business day and generally range from $2500 to $5,000,000 or more. For more information, please visit: www.theluxexchange.com.
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 CodexCoin 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 CodexCoin 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.
by: Adrienne Burke-Moran, Codex
Nothing herein constitutes an offer to sell, or a solicitation of an offer to buy, in any jurisdiction in which it is unlawful to make such an offer or solicitation. Neither the U.S. Securities and Exchange Commission nor any other federal, state, or foreign regulatory authority has approved an investment in the matters contemplated herein.