decrypt.co
The horse racing industry has ballooned to an astonishing $300 billion globally—and now NFT-backed horse ownership platform Crown Ribbon is bringing that value onto the blockchain.
Crown Ribbon enables users to buy and own NFT shares of a racehorse syndicate that maps to a specific horse, or to a collection of horses. The introduction of blockchain technology will increase efficiencies in the “notoriously slow and monotonous” equine industry, according to a statement from Crown Ribbon accompanying its launch announcement.
In particular, NFTs will enable holders to trace and transfer ownership and authentication rights over their shares easily, and bring these valuable assets on-chain.
“For many racers, their horse is their most valuable possession, more valuable than their home and vehicles,” said Doug Leonard, CEO of fixed-rate lending protocol Hifi, which has partnered with performance horse industry veteran Chad Beus to launch Crown Ribbon. “Tapping into that value through traditional means isn’t an option.”
Crown Ribbon, Leonard added, is “well-positioned to disrupt this antiquated horse racing industry through blockchain technology, by offering a new ownership paradigm that comes with greater flexibility and tooling.”
Fully-regulated NFT ownership
Crown Ribbon states that it is regulated and transparent, with the platform’s offering qualified by the SEC under Regulation A+, making the platform compliant with SEC regulation for U.S. participants.
And through Hifi’s involvement with the platform, Crown Ribbon members will gain access to the lending protocol’s ecosystem of liquidity products, a worldwide audience, and broader DeFi composability.
“Even for the best racing operations, traditional financial institutions lack the experience and expertise to underwrite these non-standard assets,” said Leonard. “Because of our partnership with industry leaders at Crown Ribbon, Hifi gains access to the necessary experience and expertise to effectively underwrite these real world assets.”
To learn more about Crown Ribbon and its NFT-backed horses, visit www.crownribbon.io.
For more information about Hifi, visit hifi.finance. Follow along on Twitter and join the conversation on Discord.