A Stradivarius violin, once owned by Catherine the Great of Russia, has been tokenized to secure a multimillion-dollar loan through x.com/galaxyhq” target=”_blank” rel=”noopener”>digital galaxy's Global Markets business, marking a new use case for blockchain technology in real-world asset management.
The violin was made in 1708 by Italian luthier Antonio Stradivari, known for its craftsmanship and historical provenance, and was acquired last year by Yat Siu, co-founder of x.com/animocabrands” target=”_blank” rel=”noopener”>Animoca Brandsfor approximately $9 million.
This move allows Siu to have the violin and its corresponding nft to use as collateral.
Source: galaxyPioneer in real-world asset value utilization
The tokenization process, led by Galaxy subsidiary GK8, converts the physical violin into digital tokens on the ethereum blockchain. This allows for greater liquidity and provides a way for asset owners to realize economic value without selling the asset itself.
Michael Novogratz, CEO and founder of Galaxy Digital, highlighted the precedent this sets for accessing and utilizing the value of real-world assets via blockchain, saying: “By tokenizing this Stradivarius violin, we are not only 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 used.”
Yat Siu also expressed his enthusiasm for the initiative, stating: “I am delighted to help open the door to this new economic model for unique assets and at the same time preserve and share not only a very rare and precious instrument, but also a piece of history”. .”
The digital representation of the violin will facilitate the loan process, while the physical violin will be stored securely.
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