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Arcade NFT lending platform raises $ 15 million in investment capital


 

Investor Pantera Capital sees great potential in combining DeFi and NFTs.


Arcade, a crypto lending platform that uses the recently so much hyped Non-Fungible Tokens (NFTs) as collateral for loans, has raised $ 15 million through a financing round in which Pantera Capital was among others.


As a corresponding announcement from yesterday, Wednesday, included Castle Island Ventures, Franklin Templeton Blockchain Fund, Golden Tree Asset Management, Eniac Ventures, Protofund, Probably Nothing Capital and Lemniscap as well as Pantera. BlockFi CEO Zac Prince and Quantstamp CEO Richard Ma also took part in the financing round as notable private individuals. The stated aim of raising capital is to bring NFT-based lending together with the area of ​​decentralized financial services (DeFi). Previously, the project had already secured 3.3 million US dollars in investment capital.


Arcade co-founder Gabe Frank says that NFTs are already a significant part of the rapidly growing DeFi market, which currently has assets of more than $ 250 billion . However, he also points out that “the lack of infrastructure in the DeFi area prevents NFT investors from having liquidity available for their assets, even though they have a massive market value”.


Arcade's LinkedIn page has at least 10 job postings that the company is looking for professionals, including developers, recruiters, and team leaders. Lauren Stephanian, a partner in Pantera Capital, believes the platform's business model has the potential to bring "institutional investors, wealthy individuals, DAOs, NFT investors and companies with NFTs" on board.


Other platforms that want to provide crypto loans through NFTs are the ETNA Network and the Lithuania-based lending platform Drops. In March, the Teller Finance lending platform announced that some users could take out loans without collateral if they were in possession of special NFTs.

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