The Dubai Culture and Arts Authority has announced to launch ArtBank in Dubai. The bank aims to establish Dubai as a global center for the arts.
The Artbank offers an innovative model through which art collections are managed using cryptocurrency instead of cash. The cryptocurrency seeks to facilitate higher returns for creative assets through valuation and storage. It also aims to achieve a legal framework governing ownership and fractional ownership.
With cryptocurrency initiative trading can be done through online and offline platforms. It provides a valuable platform for the arts economy to flourish further.
According to Director General of the Dubai Culture and Arts Authority, Saeed Al Nabounda, “We wanted to step into the art technology realm, where art meets tech, and we soon realized that finance and fin-tech needed to be included too.”
ArtBank is the project of Dubai 10X initiative which focuses on the continuous growth of Dubai Government entities and to build them 10 years ahead of the rest of the world in all sectors.