The violin once belonged to Russian Empress Catherine II, also known as Catherine the Great.
Michael Novogratz's Galaxy Digital and Animoca Brands co-founder Yat Siu have tokenized a 1708 Stradivarius violin to use as collateral for a multimillion-dollar loan.
On June 4, Galaxy reportedly lent an undisclosed amount of funds to Siu, who used the 316-year-old violin he owned as collateral. The digital assets firm turned the violin into a nonfungible token (NFT) and will hold the NFT and the physical version until Siu settles the loan.
While Galaxy and Siu did not share the loan amount, they said it was “in the millions.” A Hong Kong-based custodian will hold the violin until Siu and Galaxy sign off on its removal from their custody.
