Blockchain fund Pantera Capital has invested $5 million in Codex, a decentralized title registry created for the arts & collectibles ecosystem.

In addition to the investment, Pantera Capital’s Co-Chief Investment Officer, Joey Krug, has also joined Codex as an advisor, serving as a blockchain technology and strategic advisor. Krug’s position as a Codex advisor will bring industry-specific value-add resources to the project as it develops its go-to-market strategy.

“We are thrilled with the addition of Codex to our portfolio companies,” said Krug. “As blockchain technology and digital currencies establish their role in the global economy over the next several years, our mission is to act as the catalyst for widespread blockchain adoption and innovation. We believe in Codex’s vision and its ability to radically transform how business is done in the fine arts and collectibles industry. We have also seen first hand the amount of new cryptowealthy investors looking to diversify and store value. Through Codex, cryptoinvestors will have the ability to leverage the art and collectibles asset class for this purpose.”

Pantera’s investment, along with previous investor commitments, will help with protocol development and supporting participants in building applications on Codex, according to the official release.

“Codex is incredibly excited to receive strategic support and financial backing from Joey and the team at Pantera Capital, one of the most prominent funds in the blockchain space. Their extensive knowledge of the blockchain space will be invaluable as we work alongside the Codex Consortium to place provenance on the blockchain and finally provide a title registry for the arts and collectibles asset class. The ability to prove ownership, without compromising the privacy demanded by fine art collectors, will result in a better, fairer, and bigger market for all participants,” Codex CEO Mark Lurie said.

In a separate announcement, blockchain experts Augur advisor Abe Othman, Basecoin founder and former Google software engineer Nader Al-Naji, and blockchain and crypto communications expert David Wachsman have joined Codex’s Board of Advisors alongside Krug. Othman will serve as a blockchain technology and incentive systems advisor to Codex, Al-Naji will advise the team on crypto macroeconomics, while Wachsman will guide the company’s long-term communications strategy.

Major stakeholders have embraced the Codex Protocol and its first application, Biddable, which will enable holders of cryptocurrency to bid in auctions and increase privacy and access for all bidders through a title-escrow system. The Codex Consortium’s spectrum of industry partners—including collectors, auctioneers, dealers, museums, and other vetted organizations—recognizes the clear solutions to common challenges in the auction markets. The Consortium will adopt the protocol and accept cryptocurrencies exclusively through Codex from day one. Furthermore, the Codex Protocol is open source, allowing third party players in the A&C ecosystem, such as art insurers, collateralized lenders, and art logistics providers, to build applications and utilize the title system.