PremFina’s Art&Co. – The World’s Largest Online Art Auction is 1st to Disperse Funds via Blockchain Technology
Art&Co., an initiative connecting the worlds of art, finance and support groups, brings continued relief to COVID-19 victims. Art&Co. is the 1st Ever Blockchain Technology Art Drive for COVID-19 Relief with LuxTag. It is backed by PremFina (“PremFina” or the “Company”), the U.K.’s first venture capital backed alternative insurance premium finance company, as well as its sister company InsurAid.
InsurAid is an industry moment that’s “unconditionally supporting the uninsurable” during such times of unforeseen catastrophes, that insurance companies are virtually unable to predict, let alone calculate and price for the risk of potential causal loss.
Art&Co. aligned itself with blockchain technology firm LuxTag because it has emerged as a solutions-based technology during COVID-19.
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“The COVID-19 coronavirus has impacted countries, communities and individuals in countless ways, from school closures to health-care insurance issues not to undermined loss of lives. As governments scramble to address these problems, different solutions based on blockchain technologies have sprung up to help deal with the worldwide health crisis.
A blockchain is an essential tool for establishing an efficient and transparent healthcare business model based on higher degrees of accuracy and trust because technology is a tamper-proof public ledger. Blockchain will surely not prevent the emergence of new viruses itself, but what it can do is create the first line of rapid protection through a network of connected devices whose primary goal is to remain alert about disease outbreaks. Therefore, the use of blockchain-enabled platforms can help prevent these pandemics by enabling early detection of epidemics, fast-tracking drug trials, and impact management of outbreaks and treatment.“
Founder Art&Co., CEO PremFina, CEO InsurAid – Bundeep Singh Rangar: “Blockchain and the use of data via cryptocurrency and bitcoin is the future of how wealth will be exchanged. Art&Co. worked with LuxTag to produce a live art auction for charitable causes effected by COVID-19. Not only did we successfully use LuxTag’s incredible blockchain technology to disperse funds to these charities, but we bridged the gap between art and technology in a philanthropic way.”
Founder of LuxTag – Jeff McDonald: “Artwork is of unique beauty. Often, the beauty lies in its uniqueness. At LuxTag, we work hard to protect unique objects and their authenticity – projects like Art&Co 2020 are duly close to our heart. Blockchain technology, authenticity and provenance of artwork are vivid examples of how traditional crafts can be enhanced with modern tech.”
The collated artwork is worth $1.5 million, prices ranging from £1,000 ($1,250) to £24,000 ($30,000), consisting of a collection of 266 items, 14 lots x 19 pieces each, symbolic of the COVID-19 virus.
In addition to famous artists such as Pablo Picasso, Andy Warhol, Salvador Dali and Jeff Koons, there were 46 artists as a mosaic of the UK population at large with 80% UK artists and 20% foreign. International artists represented were from Australia, Bulgaria, Canada, Czech Republic, India, Italy, Latvia, Nigeria, Poland, Portugal, Russia, Singapore, Slovakia, Spain and the United States.
The final live auction welcomed well-known tech investor and guest speaker Tim Draper.
For more information, visit: www.artandco.net