The decentralized financial marketplace (defi), the non-fungible token financialization platform (NFT) and the Arcade loan application have announced that the company has completed a Series A investment round of $ 15 million. Most recently, Arcade secured a $ 800,000 on-chain loan against an NFT portfolio from a lender of over $ 10 billion.
Arcade raises $ 15 million in Series A co-led by Pantera Capital, Castle Island Ventures, Franklin Templeton Blockchain Fund
Defi marketplace Arcade raised $ 15 million in capital during a Series A financing round, according to the company. The investment was jointly led by Pantera Capital, Castle Island Ventures and the Franklin Templeton Blockchain Fund. Lemniscap, Eniac Ventures, Probably Nothing Capital, Protofund and Golden Tree Asset Management also contributed to the funding of Arcade.
Arcade’s $ 800,000 milestone on-chain loan is part of the “total $ 3.3 million loan secured during Arcade’s private release, with the total value of assets on loan to Arcade being 10 million US dollars, ”says Arcade. While Arcade is fully compatible with a wide variety of ERC20 tokens, the project also offers a proprietary one Wrapped NFT Technology.
“[Wrapped NFT] enables multiple NFT assets to be bundled and used to acquire a single loan, which enables the acquisition of larger loans and greater liquidity, ”says the Series A financing announcement, describing the wrapped NFT function. “As an open source defi-primitive, Arcade will also enable developers to build on the platform and thus support the wider use of this new asset class.”
Lauren Stephanian of Pantera Capital said during the Serie A announcement that the company is excited about the potential of Arcade. “Arcade’s backing of this new asset class will encourage the participation of new businesses from the traditional and digital arts and finance worlds, including institutional lenders, high net worth individuals, DAOs, companies with NFTs on their balance sheets, and NFT collectors.” added Stephanian.
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Source: Crypto News Austria