.Meta4Capital secures a $6M loan from Gen_Capital with NFTs as collateral. (Reporting via Ornella_Hdz)
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 just for its amount but for solely using nonfungible tokens as collateral instead of including broader liquid collateral. Meta4 operates as an NFT VC backed by Andreessen Horowitz, specializing in acquiring presumed rare and historically significant NFTs.
Brandon Buchanan, Meta4 Capital’s CEO and co-founder, told Cointelegraph that NFT-backed loans provide a better way to manage risk on the underlying asset, usually Ether . Buchanan also expressed his “thrill” to be partnering with a brokerage like Genesis, who provides “credence” and value to NFTs and NFT-backed lending.Genesis’ VP of Institutional Lending, Roshun Patel, affirmed to Cointelegraph that the company is accepting what are considered as “blue chip” NFTs for now.
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