Another company is using bitcoin to try and disrupt the sale of high-value physical assets by slashing transaction fees, this time in the art world. WeCoin88 is hoping to reduce fees on art sales by around 10% using the digital currency.
WeCoin88 is a service offered by Brussels-based Tutela Capital, a company launched by mathematicians that specializes in applying statistical analysis to art pricing. The spinoff service was launched to handle bitcoin-based conveyancing for art sellers.
Tutela, which advises galleries on how to value their work, uses a database of three million artworks, complemented by machine learning techniques. Cofounder Dr. Fabian Bocart explains that the company got into bitcoin because he is a believer in the digital currency.
February 05, 2014 at 01:31AM
