Philips Enters the Crypto Community to Accept BTC and ETH in a Banksy Auction

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Sienna Rowley
Sienna is an editor at Cloud Host News. She is an internet enthusiast, always eager to explore the latest trend in the tech space. In her free time, she is a modest family woman who loves traveling.

Dutch multinational conglomerate corporation, Philips will let buyers pay with two biggest cryptocurrencies (BTC and ETH) for Banksy’s artwork named “Laugh Now Panel A”.

Philips will be auctioning a globally famous artwork named “Laugh Now Panel A” created by the anonymous street artist Banksy. Chairman of Philips’s Asia, Jonathan Crockett announced that either BTC or ETH would be accepted as the payment method for the art piece on the auction.

Philips Enters the Crypto Community

In the recent interview with Bloomberg, Mr. Crockett gave a highlight that Philips would accept the biggest cryptos (Bitcoin and Ether) to buy Banksy’s “Laugh Now panel A”. The executive disclosed that the seller urged on the move as it would grant him more potential buyers and a higher price as a result.

In addition to this, Crockett sketched cryptocurrencies’ recent success as several investors obtained profits from their growth in terms of USD prices during the years. He also added that Philips’ move was imminent.

The Asia Chairman explained that the buyers won’t be able to utilize numerous digital assets to administer the purchase of the piece of art except for the two biggest cryptocurrencies(bitcoin and ether). And, the who prefer fiat money can pay in Hong Kong Dollars. The price of Banksy’s ”Laugh Now Panel A” is estimated to range between $2,820,000 to $4,100,000.

Crockett agreed that several Asian companies had shown interest recently in the capability of digital assets. He noted the fact that the tech giant Philips is just testing the matter with this move as they have never dealt with cryptocurrencies in the past.

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