SAN FRANCISCO, Dec. 01, 2022 (GLOBE NEWSWIRE) — Hifi, the leading fixed-rate lending protocol, today announced its partnership with renowned performance horse industry veteran, Chad Beus, to launch Crown Ribbon, the first-ever regulated NFT-backed horse ownership platform. Through the platform, Crown Ribbon aims to disrupt and digitize the centuries-old horse racing industry by eliminating the barriers to horse ownership.
Although the horse industry has blossomed into a $300B economy, proving horse authenticity is a challenge that has plagued the horse industry for centuries. Blockchain technology, because of its world-wide audience and open ecosystem of tools, brings efficiency to an industry that is notoriously slow and monotonous. With Crown Ribbon, ownership and authentication rights are made easily accessible and transferable via NFTs. The partnership’s blockchain solution enables horse-racers to bring their valuable assets on-chain in a safer, transparent, and more flexible ecosystem.
“For many racers, their horse is their most valuable possession, more valuable than their home and vehicles. Tapping into that value through traditional means isn’t an option,“ said Doug Leonard, CEO of Hifi. “Even for the best racing operations, traditional financial institutions lack the experience and expertise to underwrite these non-standard assets. 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.”
Hifi is opening doors for the performance horse industry by providing loyal Crown Ribbon members with an improved, digital ownership experience. Members will have access to Hifi’s ecosystem of liquidity products, a worldwide audience, and broader DeFi composability. With Crown Ribbon, NFT holders will buy and own a share of a racehorse syndicate that maps to a specific horse or to a collection of horses – allowing users to invest in horse ownership in a way that is regulated, transparent and compliant. Crown Ribbon submits an offering qualified by the SEC under Regulation A+, making the platform compliant with SEC regulation for U.S. participants.
“We were impressed with Hifi, their team, expertise, and passion to use technology to change the world in a positive way,” commented Chad Beus. “We were eager to partner with the Hifi team to welcome newcomers into the performance horse economy.”
“There is no one more qualified than Chad Beus,” added Leonard. “Chad’s a co-founder of the Pink Buckle, the most sought after barrel racing event in the world, he’s a pioneer in the space, and has spent the last 30 years racing and selling horses. Crown Ribbon 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.”
To learn more about Crown Ribbon and its NFT-backed horses, please visit: www.crownribbon.io.
Hifi Finance is a fixed-rate, fixed term lending platform built on the Ethereum blockchain. Designed to empower users to lend and borrow against crypto assets without any surprises, the Hifi ecosystem continues to expand with partnerships and projects to provide new opportunities for driving usage and TVL.
To learn more about Hifi, please visit: https://hifi.finance/.
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