Paddle8 Merges with Swiss Tech Company

Paddle8 advisors Cameron and Tyler Winklevoss shown in a TV commerical for pistachios.  The pair famously sued Mark Zuckerberg over Facebook and are known as early advocates of Bitcoin.
Paddle8 advisors Cameron and Tyler Winklevoss shown in a TV commerical for pistachios. The pair famously sued Mark Zuckerberg over Facebook and are known as early advocates of Bitcoin.
(YouTube)

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.

NYT:

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.

More News Feed Headlines

Ai Weiwei's Life Cycle (2018) will be on view at the non-profit Marciano Art Foundation in LA.

Ai Weiwei's New Work 'Life Cycle' Debuts in L.A. This Fall

  • August 19, 2018 22:57

Marciano Art Foundation will present a solo exhibition of Chinese artist Ai Weiwei, on view from ...

Read More

An 18th century lacquer box that was stolen from the Chinese Pavilion of the Swedish Royal Palace Drottningholm in 2010

GQ Investigates the Rise in Chinese Art Thefts Worldwide

  • August 19, 2018 20:53

GQ sent writer Alex W. Palmer to investigate the sharp increase in Chinese art heists at museums ...

Read More

Kate Ballis, 'Sheats Goldstein', 2017.  Archival pigment print

Kate Ballis's 'Hypercolour Fantasy: Infra Realism' Depicts California in a Whole New Light

  • August 16, 2018 13:10

Felicity Carter writes in Forbes: At first sight, the work of Kate Ballis may not look like ...

Read More

Andy Warhol's Mao Zedong series of portraits in the Tehran Museum of Contemporary Art vault.

Artworks Rediscovered in Tehran Museum of Contemporary Art's Vault in 2019 Exhibition

  • August 15, 2018 22:22

A trove of artworks hidden away in Iran's Tehran Museum of Contemporary Art will finally be on ...

Read More

Related Press Releases

Related Events from ArtfixDaily Calendar

 

ArtfixDaily Artwire