The claim worth $31,307 was tokenized and its ownership represented by a NFT used as collateral for a loan.
The transaction is an example of real-world assets tokenization, in which a token represents an asset's ownership rights on a blockchain. Within DeFi, asset tokenization is one of the most prominent areas as a wide range of real-world assets can be tokenized, including stocks, government bonds, real estate, and commodities.
On Twitter, Found said both the original creditor and lender went through its biometric Know Your Customer and Anti-Money Laundering screenings.to the company's website, it allows users to access loans using bankruptcy claims as collaterals under a 10% transaction fee on successful trades. Crypto exchange FTX filed for bankruptcy in November 2022, locking billions of dollars in users' accounts for court proceedings.to some estimates, FTX claim holders could recover between 35% and 66% of their face value.
Crypto-related bankruptcy cases have flooded the courts in the past year, many stemming from the collapse of FTX,The surge in bankruptcy filings is driving on-chain claims solutions. Found, for example, was launched at the beginning of this year, while the co-founders of the collapsed hedge fund Three Arrows Capital
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