Arcade, a decentralized financial (defi), marketplace and non-fungible token (NFT) platform for financialization, has just announced that it has completed a $15 million Series A round of investment. Arcade recently facilitated a $800,000.00 onchain loan against NFT portfolios from a lender worth more than $10 billion.
Arcade Raised $15 Million Series A in Co-Led By Pantera Capital, Castle Island Ventures and Franklin Templeton Blockchain Fund
According to Arcade’s website, $15 million was raised by the defi platform Arcade in a Series A round of financing. Pantera Capital and Castle Island Ventures were co-leaders of the venture. The Franklin Templeton Blockchain Fund also participated in it. Furthermore, Lemniscap, Eniac Ventures, Probably Nothing Capital, Protofund, and Golden Tree Asset Management participated in Arcade’s funding.
Arcade’s milestone onchain loan of $800,000 is part of “$3.3 million in total loan volume that has been secured during Arcade’s private release, with the total value of assets that have been loaned on Arcade equaling $10 million, Arcade says. Arcade works with all ERC20 tokens. The project has its own Wrapped NFT technology.
“[Wrapped NFT] allows multiple NFT assets to be bundled and utilized to acquire a single loan, enabling for the acquisition of larger loans and greater liquidity,” the Series A funding announcement details describing the Wrapped NFT feature. “As an open-source defi primitive, Arcade will also enable developers to build on top of the platform, supporting the broader utilization of this new asset class.”
Pantera Capital’s Lauren Stephanian explained during the Series A announcement that the company looks forward to Arcade’s potential. “Arcade’s collateralization of this new asset class will incentivize the participation of new entities from both the traditional and digital art and finance worlds, including institutional lenders, high-net-worth individuals, DAOs, companies with NFTs on their balance sheets, and NFT collectors and creators,” Stephanian added.
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