Friday, July 1

Genesis Issues $ 6 Million NFT-Backed Loan To Meta4 Capital By CoinTelegraph

© Reuters. Genesis issues a USD 6 million loan backed by NFT to Meta4 Capital

Genesis Global Capital has completed one of its first purely NFT-backed loans for $ 6 million to Meta4 Capital, a Miami-based Web3-focused investment management firm. This loan is notable not only for its amount, but for using only non-fungible tokens (NFTs) as collateral rather than including a broader liquid collateral. Meta4 operates as a VC of NFT backed by Andreessen Horowitz, specializing in the acquisition of allegedly rare and historically significant NFTs.

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Proceeds from the Genesis loan were used to finalize Meta4’s purchase of three NFTs that were part of Sotheby’s October NFT “Natively Digital” auction: the $ 3.4 million Bored Ape Yacht Club # 8817; the Rare Pepe PEPENOPOULOS, of USD 3.6 million; and an NFT from Mitchell F. Chan of FingerprintDAO of $ 1.5 million. These acquisitions acted as bridge capital until Meta4 closed a Series B round on December 1 for an undisclosed amount. All Meta4 investors received a proportional share of each item purchased.

Brandon Buchanan, CEO and co-founder of Meta4 Capital, told Cointelegraph that loans backed by NFT provide a better way to manage the risk of the underlying asset, usually Ether (ETH).

Read the full article on Cointelegraph

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