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☆ Crypto billionaire Michael Novogratz's firm has tokenized a 316-year-old violin owned by Catherine the Great in order to back a loan
▼ + stars: | 2024-06-04 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

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

☆ This Sequoia-backed EdTech startup that's bringing NFTs to classrooms just secured an $8.5 million funding round
▼ + stars: | 2023-04-25 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +3 min

EdTech startup TinyTap raised $8.5 million for staff expansion and product development, Insider has learned. A cofounder says the round took longer to close because of uncertainty in the crypto space at the end of last year. TinyTap, an educational technology startup and Animoca Brands' subsidiary, has secured an $8.5 million funding round, Insider has learned. Sequoia China, Shima Capital, Polygon, Liberty City Ventures, Kingsway Capital, and GameFi Ventures are among the backers for the company's latest funding round. As a result, the round took a bit longer to close, and we had more to prove."

☆ Crypto firm Animoca Brands cuts target for new fund again -sources
▼ + stars: | 2023-03-24 | by ( Josh Ye | ) www.reuters.com time to read: +2 min

Animoca Brands said in November that it was working on a new Animoca Capital fund with a target of $2 billion, but then halved that target in January to $1 billion. Recently, it has trimmed the target by another 20% to $800 million, two people familiar with the matter said. Latest data on the platform show that the company’s market cap stood at just under 1.9 billion Australian dollars ($1.26 billion) earlier this week. A spokesperson for Animoca Brands declined to comment on its fund raising plans. Animoca Brands was removed from the Australian Securities Exchange in 2020 by the regulator because of its aggressive expansion into the cryptocurrency industry.

[1/4] People stand in front of the Blockchain Hub Davos 2023 at the Promenade road during the World Economic Forum (WEF) 2023, in the Alpine resort of Davos, Switzerland, January 16, 2023. REUTERS/Arnd WiegmannDAVOS, Switzerland, Jan 19 (Reuters) - In the snow and ice on the main drag in Davos, the impact of the crypto winter is plain for WEF attendees to see. Executives in Davos said they are now all about blockchain technology, proper controls and regulation, and the promise of disruption that it holds for financial services and beyond. Colm Kelleher, chairman of Swiss bank UBS (UBSG.S), told a WEF panel that blockchain technology will help reduce costs for banks. "We kind of dodged a bullet," Kelleher said, noting that the collapse in the value of crypto currencies had not caused systemic problems.

Crypto markets have come under intense pressure this year, as rising interest rates prompt investors to ditch risky or speculative assets. In the case of FTX, U.S. residents can't trade on its global platform due to strict regulations for the crypto space in the United States. Ken Lo, co-founder at Hong Kong-based crypto exchange and custodian Hong Kong Digital Asset Exchange, said counterparty risk, which comes from a lack of transparency and information disclosure, underscores the need for "clear regulatory framework and vision statement." In an interview with Reuters in July, Bankman-Fried said his company still had a "few billion" on hand to shore up struggling firms that could further destabilize the digital asset industry. Max Boonen, co-founder of digital asset liquidity provider B2C2, said FTX's problems have set the crypto space back by six months.

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