In this article, we’ll cover the Arcade’s mission and how they plan to use their new funding. They want to provide a platform that lets developers easily create games that can be played on mobile devices
The “NFT Lending Platform ‘Arcade’ Raises $15M in Funding Round” is a company that has raised $15 million in funding to build the first decentralized peer-to-peer lending platform. The platform allows users to borrow and lend cryptocurrency and other digital assets. Read more in detail here: where to buy nft tokens.
Arcade, a non-traditional lending platform, has secured $15 million in Series A investment. The round increases the start-overall up’s fundraising to $17.75 million, which will be raised entirely in 2021.
Pantera Capital led the round, which included contributions from Castle Island Ventures, Protofund, Franklin Templeton Blockchain Fund, Golden Tree Asset Management, Eniac Ventures, Probably Nothing Capital, and Lemniscap. BlockFi CEO Zac Prince and Quantstamp CEO Richard Ma were among the angel investors that participated in the round.
The money will assist Arcade move from its current private test to a public debut next year. It will also be used to grow its 13-person staff across legal, product, business development, marketing, and engineering activities, as well as to broaden the reach of its services to new people.
Arcade (previously Pawn.fi) allows customers to borrow money using their NFTs as security. For institutions, DAOs, and collectors, the firm appraises, certifies, and curates NFT collections. Lenders get access to a new stream of revenue, while asset owners gain liquidity on their assets while maintaining rights and access to collateral on the platform.
The platform currently accepts Ethereum-based NFTs as collateral for loans in all ERC-20 tokens, including wETH, USDC, and DAI. According to co-founder Robert Masiello, opportunities for supporting other blockchains and Layer 2 networks, as well as the launch of Arcade’s own native token, will be explored in 2022.
Arcade claims that its greatest facilitated transaction was $800,000, and that its overall loan volume to date is $3.3 million in its private release.
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