tl;dr
Galaxy Digital has tokenized a 1,708-year-old violin previously owned by Catherine The Great to back a multimillion-dollar loan given to Animoca Brands’ Yat Siu. The antique violin, valued in millions, was tokenized as a non-fungible token (NFT) and held as direct collateral for the loan. Galaxy Glo...
GALAXY DIGITAL TOKENIZES VIOLIN: Galaxy Digital tokenizes 1,708-year-old violin owned by Catherine The Great to back multimillion-dollar loan for Animoca Brands’ Yat Siu.
THE GROWTH TOKENIZATION: Galaxy Digital's banking division, Galaxy Global Markets, issues multi-million dollar loan leveraging tokenized violin as NFT collateral, expanding business frontiers in digital assets.
Galaxy Digital has tokenized a 1,708-year-old violin previously owned by Catherine The Great to back a multimillion-dollar loan given to Animoca Brands’ Yat Siu. The antique violin, valued in millions, was tokenized as a non-fungible token (NFT) and held as direct collateral for the loan. Galaxy Global Markets, the banking division of Galaxy Digital, issued the loan, aiming to tap into the surge in digital assets. The adoption of blockchain technology by traditional firms has led to wider development toward use cases, with tokenization enabling the representation of traditional assets on the blockchain. Several institutional firms have recently rolled out initiatives for tokenization. Cryptocurrency firm, Galaxy Digital has tokenized a 1,708-year-old violin to back a multimillion-dollar loan given to Animoca Brands’ Yat Siu. The antique violin was previously owned by Catherine The Great, a Russian Empress with its value in millions. Galaxy Digital which seeks to expand its business drive to new fronts tokenized the musical instrument amid the drive in the field.
GALAXY DIGITAL TOKENIZES VIOLIN The company’s banking division, Galaxy Global Markets seeks to reach a new base from this loan leveraging on the surge in digital assets. The company issued a multi-million dollar loan to Animoca Brand’s Yat Siu, Bloomberg reported.
Although the exact loan amount was not disclosed, both companies noted that it was millions. According to the agreement, Galaxy Digital will hold the tokenized violin as a non-fungible token (NFT ) with the instrument as a direct collateral for the loan. A Hong Kong custodian will hold the antique violin will hold the antique violin with parties required to sign off a removal.
Yat Siu acquired the violin in 2023 from an auction of over $9 million showing slight insights into the loan value. Galaxy Digital continues to improve its business frontiers with the firm improving tokenization assets. The adoption of blockchain technology by traditional firms has led to wider development toward use cases. Thomas Cowan Galaxy Digital’s Vice President of tokenization added that tokenization items create an opportunity to lend assets without reliance on Bitcoin and Ethereum.
THE GROWTH TOKENIZATION Tokenization is the process of representing assets on the blockchain. These assets are usually traditional assets like stocks and bonds. As loans tied to crypto assets attract huge collateral because of the volatility of assets, tokenization solves this problem by pivoting traditional assets on-chain.
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GameStop Corp Technical Analysis Summary
Company: GameStop Corp
Headquarters: Grapevine, Texas
Sector: Trade & Services
Industry: Retail-Computer & Computer Software Stores
Market Cap: $10.42 billion
Current Price: $1483.5
Dividend Yield: None
Price/Earnings Ratio: 0.02
EPS: 17.28
Beta: 0.0013
Volume: 5,272,800,000
Revenue: $6.38 billion
Operating Margin: 25.9%
Net Margin: -19.4%