The horse racing trade has ballooned to an astonishing $300 billion globally—and now NFT-backed horse possession platform Crown Ribbon is bringing that worth onto the blockchain.
Crown Ribbon allows customers to purchase and personal NFT shares of a racehorse syndicate that maps to a selected horse, or to a set of horses. The introduction of blockchain know-how will improve efficiencies within the “notoriously sluggish and monotonous” equine trade, in response to a press release from Crown Ribbon accompanying its launch announcement.
Specifically, NFTs will allow holders to hint and switch possession and authentication rights over their shares simply, and convey these precious property on-chain.
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“For a lot of racers, their horse is their most dear possession, extra precious than their dwelling and autos,” mentioned Doug Leonard, CEO of fixed-rate lending protocol Hifi, which has partnered with efficiency horse trade veteran Chad Beus to launch Crown Ribbon. “Tapping into that worth by way of conventional means isn’t an choice.”
Crown Ribbon, Leonard added, is “well-positioned to disrupt this antiquated horse racing trade by way of blockchain know-how, by providing a brand new possession paradigm that comes with better flexibility and tooling.”
Totally-regulated NFT possession
Crown Ribbon states that it’s regulated and clear, with the platform’s providing certified by the SEC beneath Regulation A+, making the platform compliant with SEC regulation for U.S. individuals.
And thru Hifi’s involvement with the platform, Crown Ribbon members will acquire entry to the lending protocol’s ecosystem of liquidity merchandise, a worldwide viewers, and broader DeFi composability.
“Even for the perfect racing operations, conventional monetary establishments lack the expertise and experience to underwrite these non-standard property,” mentioned Leonard. “Due to our partnership with trade leaders at Crown Ribbon, Hifi good points entry to the mandatory expertise and experience to successfully underwrite these actual world property.”
To be taught extra about Crown Ribbon and its NFT-backed horses, go to www.crownribbon.io.
For extra details about Hifi, go to hifi.finance. Comply with alongside on Twitter and be part of the dialog on Discord.