THE BOSTON BLOCKCHAIN BEAT EP.4 | ROLEX NFTS & THE SEC MAKES A DEAL WITH BINANCE

[Music] thank you hello everyone my name is Lauren Wixom and welcome to another episode of the Boston blockchain B where we share news of all things blockchain to the Boston community and Beyond this episode was brought to you by cubic Labs an incubator from Metro Boston's blockchain startup companies alright guys it's time to start changing the way we think about the things we own due to the merging of physical assets and decentralized finance 4K protocol is web 3's physical to digital Bridge they transform Collectibles unique merchandise and luxury goods into physically backed nfts using a decentralized network of Guardian Storage providers and asset authenticators 4K protocol guarantees a one-to-one relationship between the fiscal asset and the digital nft a growing number of Protocols are emerging that offer the ability to process loans against entities leveraging the nft itself as a lien on the collateral 4K and arcade demonstrated the potential of physical Assets in defy with the 4K protocol to Mint a top of the line Rolex cosmograph Daytona as an nft and secured alone with a stable secondary market value and a high level of demand the Rolex cosmography toner makes an ideal candidate for loan collateral the status quo for this type of lending model would involve visiting a pawn shop and negotiating an in-person deal but physically backed nfts offer a safer streamlined method for collateralization looks like the SEC and binance have reached a Dale amidst this ongoing lawsuit to avoid a full asset freeze of the platform in the U.S and keep customer Assets in the United States after a U.S district judge signed off on a consent order filed Saturday according to CNN the defendants which include CEO CZ agreed to repatriate assets held for the benefit of U.S customers the agreement makes sure those assets are protected and remain in the United States to prevent them from moving offshore according to the consent order Finance Holdings officials including CZ also will not be able to have control over these assets the SEC said Saturday that the order also bans the defendants from spending the corporate assets on anything then in the ordinary course of business and they must give the regulatory agency oversight over the expenses and that's all the news I have for you today folks again my name is Lauren Wixom and I can't wait to see all of you in the next episode of the Boston blockchain beat [Music] foreign