Reported 4 months ago
Billionaire Michael Novogratz’s Galaxy Digital Holdings LP diversified its lending business by offering a multimillion-dollar loan backed by a 316-year-old Stradivarius violin owned by Russian Empress Catherine the Great. Galaxy is using tokenization to represent the instrument as a nonfungible token on the blockchain, along with holding the physical violin as collateral in Hong Kong. This move marks Galaxy's entry into serving wealthy clients invested in crypto assets, expanding beyond loans tied to digital assets like Bitcoin and Ethereum.
Source: YAHOO