NFT Lending Platform Arcade Raises $ 15 Million in Series A
For the first time, Arcade, a decentralized finance (DeFi) marketplace and lending platform for high-value non-fungible tokens, received a total of $ 15 million in a round of funding. Series A (NFT) investment.
Venture capital firms such as Pantera Capital, Castle Island Ventures, Franklin Templeton Blockchain Fund and Golden Tree Asset Management have invested $ 15 million in Arcade. Zac Prince, CEO of BlockFi and Quantstamp, Richard Ma, also joined the latest round of funding.
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Other companies in the DeFi industry, including Arcade, have secured millions of dollars in investments this year. One of the most popular decentralized exchanges was recently funded by Three Arrows Capital and DeFiance Capital with a $ 10 million Series B investment earlier this year.
As part of its private release, Arcade allowed a lender of more than $ 10 billion to lend $ 800,000 on an NFT wallet, making it the largest and first chain loan without authorization. Over $ 10 million in assets have been borrowed on the platform to date.
According to Gabe Frank, co-founder of Arcade, NFTs represent over $ 200 billion in total value locked in DeFi business; However, the lack of infrastructure in DeFi prevents NFT holders from achieving liquidity despite huge market capitalization.
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Earnity, a DeFi company, received a $ 15 million investment earlier this month to expand its operations. Arcade stressed that the company’s latest funding will help it achieve its goal of supporting wider use of DeFi and NFT.
DeFi loans have never been so good. Arcade is compatible with all ERC20 tokens including wETH, USDC, and DAI, adding a new layer of utility to the ecosystem. Additionally, Arcade’s Wrapped NFT (wNFT) technology allows multiple NFTs to be combined and used to purchase a single loan, resulting in larger loans and greater liquidity. Arcade open source DeFi basic will also allow developers to build on the platform, allowing greater use of this new asset class, âthe company noted.
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