Lugano, Switzerland, Feb. 20, 2024 (GLOBE NEWSWIRE) -- Altr, platform for luxury collectibles, has launched a revolutionary lending platform that turns luxury collectibles into liquid assets through competitive short or medium-term loans. In an impressive start, Altr has facilitated over $200,000 USDt in loans within the first two days of operation, with prestigious items such as Patek Philippe and Rolex Daytona watches serving as collateral.
Altr’s landmark transaction involved an iconic Patek Philippe Nautilus reference 5811/1G, securing a notable $82,500.00 loan in USDt stablecoin (Tether) for its borrower. This milestone underscores the platform’s capability to seamlessly convert high-value physical assets into digital currency, enabling secure and transparent lending transactions.
Patek Philippe 5811/1G, inaugural item accepted as collateral for a loan on Altr's Platform.
Davide Rovelli, Advisor and Spokesperson for Altr highlighted: “Altr is not just changing the game; it's redefining it. The mission is to infuse the luxury collectibles market with what it has long been missing - liquidity. By leveraging the power of blockchain technology and the stability of USDt Tether, Altr is transforming traditional wealth into digital, opening new horizons for collectors and investors alike.”
Initially focusing on luxury collectibles like watches and cars, Altr is now broadening its horizon to include a wider range of valuable assets. The platform is actively exploring the addition of new categories such as Art and other valuable collectibles, aiming to help inject liquidity into markets traditionally seen as illiquid.
The Altr Lending Platform allows users to leverage the value of their high-end collectibles, starting with luxury watches and cars, by offering them as collateral for loans. These assets are verified by Altr's team of expert “Oracles” and stored in insured specialized freeport vaults, ensuring asset safety throughout the loan period.
While the item is stored, borrowers can publish loan requests, creating a transparent lending ecosystem where lenders can confidently participate. This peer-to-peer lending model not only provides flexibility and control to users over their borrowing needs but also offers attractive returns for lenders, establishing a competitive and efficient financing solution within the decentralized finance (DeFi) space through the use of real-world assets (RWAs).
Built on the Polygon protocol, known for its efficiency and scalability in the blockchain realm, Altr's platform benefits from the support of Polygon Labs and its co-founder, Sandeep Nailwal, who have been instrumental as early investors and advisors.
About Altr:
Altr's cutting-edge innovation continues to redefine the collector's landscape, catering to the growing needs of collectors, dealers, and enthusiasts in this sector. Its innovative e-commerce platform for luxury collectibles connects the real and digital world, making it easier for collectors and aspiring collectors to purchase, trade, lend and secure their assets using blockchain technology. Sellers can access a new source of liquidity, and buyers can purchase unique collectibles directly using digital or traditional currencies. The collectibles are valued by Altr’s Oracles: world-renowned experts and stored in a free-port vault in Switzerland.
To learn more about Altr's lending platform, visit https://lend.altr.trade, or connect with the team on Telegram or via email team@altr.trade.
