Toronto, ON, Oct. 28, 2021 (GLOBE NEWSWIRE) — Secure Digital Markets, Canada’s leading virtual currency brokerage providing best-in-class service on spot execution, liquidity, and settlement, was a key party in the headline-making $4 million acquisition of the only existing copy of Wu-Tang Clan’s “Once Upon a Time in Shaolin” album as an NFT (Non-Fungible Token) by a group of collectors called PleasrDAO, represented by Chief Pleasing Officer, Jamis Johnson.
Secure Digital Markets
“Once Upon a time In Shaolin” is the most expensive album ever sold, with only one copy of the coveted rap album ever created. It had originally been sold to the notorious investor, entrepreneur and convicted pharma bad boy Martin Shkreli for $2 million at auction. Under the terms of the deal, the former owner was not allowed to release the album to the general public or make copies of it for 88 years. The album was then seized by the US government after Shkreli was found guilty of securities fraud in events unrelated to the purchase.
This album had remained locked up until recently. PleasrDAO, a Decentralized Autonomous Organization, announced the sale. Describing PleasrDAO as a “Willy Wonka factory of ideas,” Johnson has said that the organization would like to involve the public to a greater degree without infringing upon the original agreement terms.
Instrumental in this transaction, Secure Digital Markets alongside Six agency, which introduced the opportunity, is pleased to help the public learn more about the purchase of the most secretive album in history and the historic brokering of the NFT deal.
Secure Digital Markets enabled the lawful and secure purchase of the Wu-Tang Album to occur. To purchase the album, Secure Digital Markets assisted as a key counterparty in collecting funds in USDC and settling US Dollars for the album rights assessed by the US District Court, as required by the current US law.
Commenting on this unprecedented transaction, SDM Founder and COO Zachary Friedman said: “As a lifelong fan of Wu-Tang Clan it was a pleasure to be able to facilitate this transaction. At Secure Digital Markets, we aim to serve as a bridge between the virtual currency ecosystem and traditional markets. SDM provides compliant and transparent trading services for a wide range of traders. Our deep experience with virtual currencies, NFT’s and traditional markets allows us to continue innovating at the edge. “
On the heels of the above transaction SDM in partnership with Rare Store, an NFT Marketplace, is proud to further announce the official launch of a catered service offering support to institutional incumbents to assist in the purchase and sale of NFT’s on an ongoing basis. This offering will serve the broader audience looking for assistance in purchasing NFTs. SDM has already facilitated multi million dollars of NFT purchases on behalf of its clientele including pieces such as Crypto Punks.
Michael Perrow, CEO at Rare.Store comments further “We look forward to continuing our work with collectors and artists in order to bring meaningful NFT projects to the market. The NFT space has truly just begun to show it’s potential and we are grateful to be involved in helping adoption reach the mainstream”
Further commenting on the above transaction Six co-founder Georgio Constantinou. “This album is one of the most significant chapters in modern music history, ushering in the concept of scarcity in music which has continued to build its way into digital art. Guiding the album into the hands of a DAO gives us hope and excitement about the world of collective ownership, and we were honored to have played a part in the next chapter of this story.”
SDM has experienced 1011% YoY topline revenue growth driven by the increasing demand from the traditional investment community as wealth managers, corporate treasuries, funds, HNWI, and financial service providers continue to seek more digital asset exposure on their balance sheets. The firm has recently secured a $4 million investment aimed to support ongoing demand for virtual currency trading.
About Secure Digital Markets
Secure Digital Markets is a proud part of the GDA Group, Canada’s leading virtual currency brokerage providing best-in-class service on spot execution, liquidity, and settlement for institutional acquirers. SDM’s corporate culture brings together a world class team of executives who have more than 50 years of combined traditional FX experience and who were early blockchain and digital asset industry pioneers. The firm provides bespoke virtual currency spot trading services for institutions, family offices, exchanges, miners and individuals seeking a safe and secure pathway to virtual currency trading and liquidity.
Six was founded under the belief that culture and art are fundamentally symbiotic to the ethos of the crypto ecosystem. Today six is actively developing, funding, and conceptualizing web3 projects to make this possible, with the ultimate goal of co-creating decentralized creator communities.
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