Quick take:

  • Siu used Michael Novogratz’s Galaxy Digital to tokenise the violin.

  • Siu is using the tokenised violin as collateral for a loan facilitated by Galaxy’s Global Markets business.

  • Made in 1708, the violin once belonged to Russia’s Catherine the Great, the press statement said.

Yat Siu has tokenised his 316-year-old violin to secure a multi-million dollar loan facilitated by Galaxy Digital’s Global Markets business. 

The tokenisation demonstrates the expansive use cases blockchain technology could bring to real-world assets, a segment of the industry that has recently become one of the most exciting verticals for traditional asset managers.

Michael Novogratz’s Galaxy Digital offers a variety of blockchain-based solutions including digital infrastructure solutions, trading and lending services, as well as, strategic advisory services, institutional-grade investment solutions, proprietary bitcoin mining and hosting services, and network validator services, among others.

Tokenising the violin opens up another market enabling rare items to be used as collateral by leveraging blockchain technology.

Made in 1708, the violin once belonged to Russia’s Catherine the Great, a press statement said.

“The tokenization of this iconic musical instrument, celebrated for its unmatched craftsmanship and storied provenance, marks a significant advancement in the application of blockchain technology to unlock the value of unique real-world assets,” Galaxy Digital stated.

Commenting on the announcement, Galaxy Digital founder and CEO Michael Novogratz said: “By tokenising this Stradivarius violin, we are not just preserving the legacy of one of the world’s most precious musical instruments, but we are also setting a precedent for how the latent value of real-world assets can be accessed and utilized.”

According to Novogratz, the tokenisation of “high-end”  assets like this violin “[creates] a process that will transform how a whole range of assets are managed, valued, and traded in a digital economy.”

Animoca Brands co-founder and executive chairman Siu commented: “I am thrilled to help trailblaze this new economic model for unique assets while at the same time preserving and sharing not just a very rare and precious instrument, but also a piece of history.”

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The post Yat Siu Tokenises His 316-Year-Old Violin to Secure Multi-Million Dollar Loan appeared first on NFTgators .