Thursday, May 5th 2022

Crypto Three Things (5/5)

Commentary

The below content and projections are the opinion of the authors. Any conclusions or takeaways are their own. This should not be considered as investment advice. Investing involves the risk of loss and returns are not guaranteed.

1) The Vatican to open an NFT gallery to host its historic art collections

  • The Holy See will aim to democratize its heritage by giving people access to hundreds of paintings and other items.
  • Working on the initiative is Humanity 2.0, a non-profit, partnering with metaverse developer Sensorium.
  • On display in the NFT gallery will be over 800 classic pieces of art including works by Michelangelo, van Gogh, Picasso, and Raphael, among others.

Titan’s Takeaway: Blockchain technology offers the promise of a decentralized world in which more people have more access to more opportunity. Against this backdrop, it’s little wonder the Catholic Church sees an opening.

2) Binance to establish regional base in Paris after securing regulatory approval

  • Paris-based markets authority AMF has granted Binance a digital-asset service provider license.
  • The regulatory approval will enable the crypto exchange to pursue expansion ambitions across Europe.
  • Binance CEO Changpeng “CZ” Zhao hailed France as “pro-crypto” and pledged to invest $105M into the nation’s digital-asset startups.

Titan’s Takeaway: Binance’s footprint in France, which took 18 months to be established, follows recent regulatory approvals from authorities in Dubai, Abu Dhabi, and Bahrain. As the crypto industry continues to grow, we see regulators more often than not working to provide pathways for crypto firms to operate.

3) Crypto lender Nexo issues one of the largest NFT-backed loans

  • The $3.3 million loan was issued to a borrower who put up two rare CryptoPunks Zombies as collateral.
  • The deal was structured by Nexo and went through DeFi marketplace Arcade, while the loan risk was hedged by investment manager Meta4 Capital.
  • The 60-day loan carries an annualized interest rate of 21%.

Titan’s Takeaway: Some NFT creators and collectors may be focused on more than just price, but the increasing use of NFTs as collateral shows how much the asset class has matured in financial markets in a short amount of time.

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