Pantera Capital To Invest in Maecenas Token Crowdsale

August 31, 2017 By: Payment Week

New York, New York, Aug 31, 2017 – Pantera Capital, the leading blockchain investment firm and one of the largest institutional owners of bitcoins, will make a significant investment next week in the token crowdsale of Maecenas, a decentralized art gallery democratizing access to fine art. Pantera Capital, which has launched a $100 million hedge fund for cryptoasset tokens, is actively partnering with Maecenas in creating a marketplace for famous artworks.

The Maecenas public token crowdsale will start on September 7, 2017 at 5pm CES. It will offer ART tokens that allow users to auction masterpieces from the likes of Picasso and Goya on its blockchain-powered platform. Maecenas is also among the first projects to pass through Cofound.it, the leading platform for training the world’s most promising blockchain startups. Maecenas will leverage Cofound.it Priority Pass to host a token pre-sale commencing September 5, 2017 at 5pm CEST. The minimum sale threshold is $3 million USD, with a milestone target of $10 million USD, and a $20 million USD hard cap.

Maecenas injects liquidity and transparency into a $65 billion annual fine art industry currently dominated by exclusive auction houses and private dealers. Museums, galleries, and collectors sell masterpieces directly to the Maecenas community without paying traditional transaction fees of up to 30 percent.

“Tokenizing existing asset classes that are currently illiquid is a great application of blockchain tech,” Joey Krug, Pantera’s co-chief investment officer, said. “The art market is a perfect one to tackle first because it has extremely high fees on both sides (approaching 50% of the artwork if you combine them), very little liquidity, high barriers to entry, and less implementation issues than say tokenizing real estate.”