By Sanchan Saxena, Vice President, Ecosystem
In another step toward bringing cryptocurrency mainstream, Sotheby’s announced they will accept bitcoin and ethereum for Banksy’s Love is in the Air image at their Contemporary Art Evening Auction. Coinbase Commerce was selected as the integration partner.
Through a bespoke solution, Coinbase will support payment estimated in the eight-figure range on Sotheby’s website, and in addition will help manage price fluctuations. The May 12th auction will be conducted in USD, but the buyer and artist will have the option to transact in either crypto or fiat currencies.
“Coinbase is proud to provide Sotheby’s with a sophisticated payment solution, backed by our deep liquidity, and expertise with trading cryptocurrencies,” said Sanchan S Saxena, VP of Product, Ecosystem. “This is an example of an enterprise that is evolving with their client base to cater to crypto-forward consumers.”
The new integration with Coinbase will pave the way for further adoption of cryptocurrency across Sotheby’s auctions. “Leveraging the trusted exchange Coinbase is a natural progression and is in line with our dedication to enhancing our client buying experience and developing new ways to expand our client base by meeting them where they are,” noted Stefan Pepe, Sotheby’s Chief Technology Officer.
We continue to work with major eCommerce platforms as the acceptance of cryptocurrency continues to grow. To learn more about Coinbase Commerce click here.
Coinbase Commerce enables crypto payments for Sotheby’s was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.