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Pin Oak Stud To Disperse Equine Assets, Host Special Auction At Fasig-Tipton On September 12

Josephine Abercrombie's Pin Oak Stud, one of the country's most successful Thoroughbred breeding and racing operations over the past six decades, announced Aug. 5 that it will be offering its remaining broodmares, weanlings, and some racing fillies at Fasig-Tipton Kentucky on Sept. 12.

Denali Stud will handle the sale as agent for Pin Oak. Separate from this main group are 14 yearlings which will be offered in the upcoming Keeneland September Sale and one yearling is entered to sell at Fasig-Tipton's Saratoga Sale. Some 14 retired mares and horses will remain on the farm.

“This has been part of Ms. Abercrombie's plan all along, as we have been selling mares and downsizing the past few years,” said farm manager Clifford Barry. “Actually, in keeping to her plan, we have sold more yearlings than we kept in training the past couple of years.”

Among the 24 horses being offered in September are multiple graded stakes winners Overheard, winner of the Grade 2 Pin Oak Valley View and G3 Dance Smartly Stakes, in foal to Grade 1 winner at two, three, and four Mckinzie; Gold Medal Dancer, winner of the G2 Azeri Stakes, and placed in both the G1 La Troienne Stakes and G1 Apple Blossom Handicap, in foal to top sire Munnings; Dont Leave Me, winner of the G3 Bourbonette Oaks and G3 Ontario Colleen Stakes, in foal to champion and winner of the Kentucky Derby and Breeders' Cup Classic Authentic; and stakes winner Point System, in foal to champion Improbable.

The 2021 foals out of these mares and others are also part of the sale on Sept. 12. These weanlings are by such outstanding sires as Medaglia d'Oro. Street Sense, Ghostzapper, Candy Ride, Flatter, and Justify.

Craig Bandoroff, whose Denali Stud will be handling the sale, remarked, “We have been fortunate to represent Pin Oak Stud for over 15 years. I've always considered it a compliment to have the Denali Stud name associated with Pin Oak and Josephine Abercrombie. Their pursuit of excellence, their integrity and their highest level of horsemanship has made representing them an honor, not a job.

“Although I'm saddened to see this day come, I'm proud that we have been asked to represent a woman and a farm that I admire and revere,” Bandoroff continued. We will do our best to represent not just an accomplished horsewoman and her legacy but an incredible person who has positively impacted many lives through her various endeavors.”

Recognized as the 1995 National Thoroughbred Breeder of the Year, Pin Oak Stud has produced or campaigned over 100 stakes winners. Prominent homebreds to carry the distinct blue and gray striped silks include Peaks and Valleys, Broken Vow, Confessional, See How She Runs, Hasten to Add, Laugh and Be Merry, and Missed the Storm. Additional top performers are graded stakes-winning earners over $500,000 and include Alternation, Brownie Points, Bedanken, Synchrony, Alternate, Euphony, Cryptograph, Gold Medal Dancer and Overheard.

An active supporter of the racing industry as well as her community, Ms. Abercrombie has been honored with the William T. Young Humanitarian Award and the Hardboot Award, both presented by the KTA/KTOB. In 2018, Ms. Abercrombie received one of the industry's most prestigious awards when she was named the Thoroughbred Club of America Honor Guest.

“The names Josephine Abercrombie and Pin Oak Stud are synonymous with excellence and quality,” noted Fasig-Tipton president Boyd Browning. “Ms. Abercrombie is a pillar of the Thoroughbred industry and our local community. Her legacy will carry forward through the lives of the many people she impacted and these Thoroughbred families she cultivated and developed.”

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British, Irish Bloodstock Markets Introduce New Industry Code Of Practice

The Bloodstock Industry Forum (BIF) is pleased to announce the completion of the new Bloodstock Industry Code of Practice which will be formally incorporated into the rules of British Racing on Aug. 16 and replaces the previous Bloodstock Industry Code of Practice which has been in place since in 2009 and the ITBA Sales Code of Practice, operational since 2010.

The new Code of Practice has been drawn up in response to the central recommendation made in the BHA Review of the Buying and Selling of Bloodstock and Racehorses in British Racing which was released in December 2019.

Commenting on the new Bloodstock Industry Code of Practice, Tattersalls marketing director Jimmy George, who chairs the Bloodstock Industry Forum, said;

“It has been a long process, but in response to the BHA Review of the Buying and Selling of Racehorses and Bloodstock in Britain, the Bloodstock Industry Forum is delighted to have finalized a new, robust Bloodstock Industry Code of Practice which has been approved by all of the key British and Irish industry bodies as well as the British Horseracing Authority and the Irish Horseracing Regulatory Board.

“The new Code of Practice will be formally incorporated into the rules of British Racing and appear in all Tattersalls and Goffs sales catalogs, starting with the forthcoming Goffs UK Premier Yearling Sale. It will also be widely disseminated and available through all BIF member organizations as well as being subject to regular review. Importantly the new Code of Practice has introduced a complaints procedure independent of the industry bodies and individuals found to be in breach of the Code, either in criminal or civil proceedings or having been sanctioned by the BHA for breach of the code, will also be subject to exclusion from participating at Tattersalls and Goffs sales in Britain and Ireland.

“Second only to the formation of the Bloodstock Industry Forum, replacing the existing Code with a new Code has been the priority in terms of embracing the principal recommendations set out in the BHA Review and we would like to thank all the members of the Bloodstock Industry Forum, which comprises representatives of the BHA, the IHRB, the Federation of Bloodstock Agents, Goffs, The National Trainers Federation, the Racehorse Owners Association, the British and Irish Thoroughbred Breeders Associations, and the Breeze Up Consignors as well as Tattersalls and Goffs, for their commitment to the process from the outset.

“The Bloodstock Industry Forum has also developed an 'E-learning' integrity module which will be adopted as part of the trainer licensing process in Britain as well as being mandatory for members of the Federation of Bloodstock Agents, while both Tattersalls and Goffs have committed to making full ownership details readily available to registered potential buyers as recommended in the Review.”

BHA Chief Executive Julie Harrington said;

“The BHA welcomes the publication of the Code of Practice, and the collaborative industry approach that has been taken to achieve this milestone. The Code of Practice has been approved by the BHA's Board and will be incorporated into the Rules of Racing. It will represent a significant step forwards in terms of enhancing trust in the process of buying and selling bloodstock in Britain and Ireland, and was one of the core recommendations of the Review of buying and selling practices of bloodstock and racehorses within British racing which was commissioned by the Board of the BHA.

“It is essential if we are to attract and retain owners in the sport that anyone involved in the purchase of bloodstock can have confidence that they are being treated fairly, and the Code will help further enhance British racing's reputation on this front. My thanks go to Jimmy George and all members of the Bloodstock Integrity Forum for their efforts and determination to reach this point, and we will continue to work with members of the BIF to make further improvements in this area.”

Goffs Group Chief Executive Henry Beeby added;

“I am pleased that the British and Irish racing and bloodstock industries have come together to deliver one gold standard to enhance the buying and selling of bloodstock on these shores. From an auction house perspective we certainly insist on the same transparency and high standards of integrity at every sale we conduct regardless of location, and feel this new Code addresses all the issues raised in the BHA report.”

Horse Racing Ireland CEO Brian Kavanagh said;

“Horse Racing Ireland and the IHRB welcome the new Code of Practice. We acknowledge the work and collaboration by the Bloodstock Industry Forum in drafting this document, and look forward to continuing our work with all stakeholders.”

Alongside the completion of the new Bloodstock Industry Code of Practice, Oliver St Lawrence on behalf of the Federation of Bloodstock Agents (FBA) confirmed more rigorous procedures for membership of the association, saying;

“Just like the other members of BIF, the FBA have embraced the principles of the BHA Bloodstock Review and have been heartened by the collaboration and willingness to address comprehensively the issues it highlighted. Together with a raft of other new measures, this upgraded Code should protect Principals with a significant tightening up of the definition of acceptable ethical behavior by all participants in the buying and selling of bloodstock and fully clarifies the law in the UK and Ireland. We at the FBA have tightened our membership requirements, which includes all members undertaking the new bloodstock education course, and are pleased to be endorsed by the BHA, and other BIF members, as an association which represents the highest standards of integrity and the recommended trade body that principals should look to use.”

On behalf of the Bloodstock Industry Forum, Jimmy George concluded;

“The commitment from each member of the Bloodstock Industry Forum to delivering a new Code of Practice has been unwavering and we are confident that we have produced a detailed, robust code, subject to regular review, which will stand the test of time. We share a collective responsibility to preserve and enhance the global reputation for integrity which has always been central to the success of the British and Irish bloodstock industries and the new Code sends out the very clear message that we will do everything in our power to maintain and increase confidence in an industry which is held in the highest esteem throughout the world.”

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What Does Fasig-Tipton’s Entry Into Cryptocurrency Mean For Buyers And Sellers?

The bloodstock market can be stubborn in its resistance to deviations from the way of doing business that's worked for decades, and even centuries. This is, after all, the same industry that only just widely accepted online bidding at auctions last year because of the pandemic.

Rooted with that knowledge, Fasig-Tipton's announcement on Monday that it would accept payment in cryptocurrency for its upcoming Saratoga Select Yearling Sale was a quantum leap in forward thinking.

For buyers, the new payment method allows for a different way to purchase horses that could potentially expand the buying bench into a bold, tech-savvy pool of new bidders. For sellers, the cryptocurrency option means only as much as they want it to mean.

The short explanation is that sale proceeds will be paid out to the seller by Fasig-Tipton in U.S. dollars, regardless of the currency used by the buyer, unless the seller specifically asks for payment in the company's chosen cryptocurrency class, Stablecoins. All sales will still be recorded in U.S. dollars from the auctioneer's stand and in the official results.

A seller won't be left with a wallet full of Stablecoins if they don't want it, the same way a seller wouldn't be stuck with proceeds in Euros if a horse were purchased by an international buyer. The proper currency conversions are handled as the funds pass through Fasig-Tipton's hands from buyer to seller, as two separate transactions.

Fasig-Tipton president Boyd Browning said the cryptocurrency market has ascended rapidly over the past decade, but its establishment as a legitimate part of the global economy was what made it the right time to establish the new payment option.

Browning hoped the new option, and the incentives tied to it, would perhaps attract a new segment of buyers who might find the high-risk, high-reward investments of the Thoroughbred industry appealing in the same way that they do for cryptocurrencies.

“We hope it's a two-way street,” he said. “We hope some of the folks in the crypto world say, 'This is pretty cool. It's like the Thoroughbred industry is reaching out to us.' I think there's a lot of similar personalities and a lot of similar traits among the people that would be participating in the crypto environment that would find a lot of aspects of Thoroughbred racing interesting and attractive. We would hope to be able to attract, if not new players, then new eyeballs to the racing industry, and hopefully that would convert into participants in the long-term in the auction process.”

Fasig-Tipton will offer 1 million SWAPP tokens to the buyer of the most expensive horse paid for in cryptocurrency at the Saratoga sale. SWAPP tokens can be exchanged for fiat currencies (traditional “paper money”) or other cryptocurrencies.

From Fasig-Tipton's press release announcing the new payment option, Swapp Protocol is a blockchain-based DeFi platform leading a movement to democratize the $1.2 trillion/year data industry by enabling consumers to start getting paid for their online data.

The process for a buyer intending to use cryptocurrency will be similar to one using any other currency. Credit must first be established with Fasig-Tipton, and since the bidding takes place in U.S. dollars, the number on that line would also be in U.S. dollars.

If Fasig-Tipton gets a credit application from a buyer it does not recognize, Browning said the company can verify their crypto assets, the same way it would verify another buyer's U.S. dollar assets or investment funds.

If a buyer wants to pay in cryptocurrency, they then notify the sales office of their intention to do so within the range of their credit window. The buyer will then convert their cryptocurrency of choice into Stablecoins, a class of asset-backed cryptocurrency based on real-world fiat currencies and commodities such as precious metals.

The “Stable” part of the name comes from its relative stability from price fluctuations, unlike other, more volatile cryptocurrencies, and Fasig-Tipton's equine background is just a well-placed coincidence.

“They just have to notify us,” Browning said. “Credit's extended for 15 days for qualified buyers, and we really don't care if they pay in U.S. dollars or cryptocurrency, as long as they pay on a timely basis. Just like somebody would call and say, 'Hey, I need your wire instructions to wire U.S. dollars,' they just have to say, “I need your cryptocurrency account information to initiate the transfer from our crypto account to your account.”

In its early stages, Browning anticipated most of the cryptocurrency activity would come from the buying side, should there be any at all in its initial offering in Saratoga Springs, but he was excited about the prospect of where the concept could go in the near and distant futures.

“We certainly didn't enter the space thinking it's going to be one-off,” he said. “I'm not saying we're forever committed, but we anticipate activity is likely to increase in the crypto world in the next generation, in the next decade. The marketplace didn't exist 10 years ago, and it's become a prominent financial marketplace in 2021, and I think based on what we see and read in the trends in popularity, it's likely to grow in popularity, instead of diminish.”

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Fasig-Tipton To Offer Cryptocurrency Payment, Rewards Services At Saratoga Sale

Fasig-Tipton, North America's oldest Thoroughbred auction house, will become the first Thoroughbred auction company to accept cryptocurrency as payment for equine purchases.

The company will offer the service at its upcoming 100th Saratoga Sale of selected yearlings, scheduled for August 9 and 10 in Saratoga Springs, New York.

To facilitate the payment of horses with cryptocurrency, Fasig-Tipton has partnered with Crypto.com, the world's fastest growing crypto app. Crypto.com Pay – the company's cryptocurrency payment solution for merchants – provides a secure payment platform for the world's estimated 220+ million crypto users.

Those that pay for yearlings with cryptocurrency at Saratoga will receive cryptocurrency rewards, courtesy of Swapp Protocol, the official Cryptocurrency rewards partner of the Saratoga Sale. The buyer of the most expensive horse paid for with cryptocurrency at the Saratoga Sale will receive 1 million SWAPP tokens, which are exchangeable for various fiat and cryptocurrencies.

Boyd Browning, President and Chief Executive Officer at Fasig-Tipton commented: “As Fasig-Tipton approaches its 100th Saratoga Sale, we are excited to partner with Crypto.com and Swapp to offer cryptocurrency payment and rewards services at our flagship yearling sale. Crypto.com has established itself as a flagbearer of security and privacy in the crypto world and Swapp is a forward-thinking company making innovations in the world of data security and monetization.

“Fasig-Tipton aims to be a forward-thinking member of the Thoroughbred industry and we are proud to be the first Thoroughbred auction company in the world to embrace cryptocurrency. Through these partnerships we will introduce individuals and parties that participate in the crypto space to the exhilarating world of horse racing for the very first time, and growing our sport is a priority of the utmost importance at Fasig-Tipton.”

Kris Marszalek, Co-Founder and CEO of Crypto.com said, “We feel very fortunate to have the support of Fasig-Tipton, one of the oldest and most respected brands in the horse auction industry. Our mission is to accelerate the world's transition to cryptocurrency, and we are excited to play a part in pioneering payment innovations in a century-old industry. Together with Fasig-Tipton, we have just taken a major step forward towards reaching our goal.

Tural Bayev, Founder and CEO of Swapp commented: ”Swapp is proud to be a part of the Saratoga Sale, which will bring together champions of the horse racing world with the future champions of data security and monetization. We at Swapp believe the road to mass adoption and inclusiveness in the crypto space starts with education, privacy and safety. Swapp is gaining mass adoption by displacing the bloated middlemen who are currently profiting off of your data and giving it back to the people.”

Founded in 2016, Crypto.com today serves over 10 million customers with the world's fastest growing crypto app, along with the Crypto.com Visa Card — the world's largest crypto card program — the Crypto.com Exchange and Crypto.com DeFi Wallet. Recently launched, Crypto.com NFT is the premier platform for collecting and trading NFTs, carefully curated from the worlds of art, design, entertainment and sports.

Crypto.com is built on a solid foundation of security, privacy and compliance and is the first cryptocurrency company in the world to have ISO/IEC 27701:2019, CCSS Level 3, ISO27001:2013 and PCI:DSS 3.2.1, Level 1 compliance, and independently assessed at Tier 4, the highest level for both NIST Cybersecurity and Privacy Frameworks.

Swapp Protocol is a revolutionary blockchain-based DeFi platform leading a movement to democratize the $1.2 trillion/year data industry by enabling consumers to start getting paid for their online data.

At the core of the Swapp business model is the smartphone app built for iOS and Android. The app enables users to, “install, authenticate and earn”, which allows 100 percent of the data monetization profits to flow back to the users.

Join the movement as Swapp levels the playing field of retail data by empowering consumers to truly “own” their data and enhance user privacy. As the AdTech industry shifts into a cookieless world, Swapp plays a pivotal role in providing the solution. Finally, the consumer will start being compensated for the data they are unknowingly giving away.

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