Mike Novogratz's firm has tokenized an 18th-century violin as collateral against a loan, Galaxy said in a press release.
Tokenizing the instrument is a way to boost liquidity, and make it more available to interested investors.
AdvertisementThe crypto-focused firm Galaxy Digital has tokenized an 18th-century violin, creating a blockchain version of the instrument to use as collateral for a multimillion loan, Bloomberg reported.
It is now in the care of Galaxy, which provided Siu a loan, and is using the violin to back it.
He added that he is open to eventually fractionalizing the tokenized instrument, allowing investors to purchase a claim.
Persons:
Mike Novogratz's, Galaxy, Yat Siu, —, Catherine the Great, Siu, Michael Novogratz
Organizations:
Animoca Brands, Service, Galaxy, Bloomberg