2024

Galaxy

Strong

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Galaxy Digital, the cryptocurrency firm founded by Michael Novogratz, has announced the tokenization of a 1708 Stradivarius violin owned by Animoca Brands co-founder Yat Siu. The violin, valued at approximately $9 million and previously owned by Russian Empress Catherine, will serve as collateral for a loan issued to Siu by Galaxy’s banking division, Galaxy Global Markets. 
The tokenization of the musical instrument is the utilization of Blockchain in physical assets. This is about making valuable assets available in the digital ecosystem through selling a violin as an NFT on the blockchain. 
Thomas Cowan, the Vice President of Tokenization at Galaxy, <a href="https://www.bloomberg.com/news/articles/2024-06-03/novogratz-s-galaxy-tokenizes-a-316-year-old-violin-to-back-loan" target="_blank" rel="noreferrer noopener nofollow">highlighted</a> that when referencing tangible assets like fine arts or musical instruments, the firm is in a position to lend more than relative to loans tied to risk-based assets, like Bitcoin or Ethereum. Indeed, Tokenization unlocks a new path to the future tokenization of the real estate 
The company’s average loan book stood at $664 million as of March 31, 2024, a 5% increase from the previous quarter. While the exact size of the loan was not disclosed, both Galaxy and Siu confirmed that it was in the millions. The violin held in Hong Kong, will require both parties to sign off on its removal. 
Michael Novogratz said that tokenizing the violin keeps the history of string musical instruments and shows how what is hidden in world assets can be unlocked and monetized.&nbsp; This process, starting with high-end assets like the violin, is expected to transform how a wide range of assets are managed, valued, and traded in a digital economy.&nbsp; 
Yat Siu, who acquired the violin last year at an auction for over $9 million, expressed interest in potentially using the loan proceeds to invest in new crypto-related projects. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/05/15/galaxy-digitals-strong-q1-2024-with-422m-net-income/" target="_blank" rel="noreferrer noopener">Galaxy Digital’s Strong Q1 2024 With $422M Net Income</a> 
</blockquote>

Galaxy Digital Tokenizes $9M Stradivarius Violin for Loan

The Crypto Times

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