The current crypto crash and burn for FTX isn’t slowing down all parties in the Web3 world. Some companies are taking the time to remind investors of their digital asset products, but with an extra focus on how they are kept safe, secure and can be reliably withdrawn.
Calgary-based Accelerate Financial Technologies, an alternative investment solutions provider, announced this week they have acquired five more “blue chip” non-fungible tokens or NFTs for their Accelerate NFT Fund. Launched earlier this year, this NFT Fund is considered Canada’s first Web3 investment vehicle.
NFTs are a cryptocurrency asset that combines digital art with blockchain, culture and social network elements. Even though the NFT market has been in retreat, it still recorded US$1.6 billion in traded volume in the third quarter of 2022, according to Canadian analytics specialist NonFungible.com.
“We think Web3 represents a next era for the internet, and NFTs allow users not just to participate but also to own Web3. We also know the safe storage and secure custody of these digital assets will be vital to more investors participating in Web3 investment opportunities,” said Julian Klymochko, Founder and CEO of Accelerate.
Accelerate believes in the long-term potential of NFTs and sees opportunities for additional asset classes to be added to the blockchain. Klymochko noted his company is working with Tetra Trust and Ledger to map out strategies to safely bring such additional assets to investors in the near term.
”Tetra Trust’s goal is to provide Accelerate’s clients with absolute confidence in the safety and security of the underlying digital assets. We offer institutional-grade custody solutions for these NFTs and will do so for any additional Web3 products Accelerate brings to market,” said Didier Lavallée, CEO of Tetra.
Accelerate’s NFT Fund owns a diversified portfolio of NFTs, including popular collectibles known as CryptoPunks and Bored Ape Yacht Club. Another of the Fund portfolio holdings is from The Currency, the first NFT collection by Damien Hirst, which is pictured above.