Online auctioneer Paddle 8 is merging with a Swiss tech company called The Native, which specializes in e-commerce, reports the New York Times.
The move comes after Paddle8's parent company, Auctionata, filed for bankruptcy last year.
Paddle8 and The Native will focus on blockchain technology and launch Paddle8 Lab together. An art and luxury item auction accepting cryptocurrency from bidders is planned for August.
The Native will buy a 15 percent stake in Paddle8 for 8.5 million Swiss francs, or $8.8 million. The Native will also have an option to buy an additional 36 percent of Paddle8 for 24.5 million Swiss francs, giving it a majority stake. […]
Cameron and Tyler Winklevoss, the investors who have long been proponents of Bitcoin and virtual currencies, have advised Paddle8 since 2015 and had pushed the company to adopt blockchain technology.
“We’ve long considered cryptocurrency as key to increasing transparency in markets around the world, including the art market,” Cameron Winklevoss said in a statement.