Home Source code Defi Marketplace and NFT Platform Arcade Raise $ 15 Million in Series...

Defi Marketplace and NFT Platform Arcade Raise $ 15 Million in Series A Funding Round

2
0

The decentralized finance marketplace (challenge), the non-fungible token (NFT) financialization platform and the Arcade lending app announced that the company has closed a Series A investment round for $ 15 million. . Most recently, Arcade facilitated an onchain loan of $ 800,000 on an NFT wallet from a lender with over $ 10 billion.

Arcade Raises $ 15 Million in Series A Co-Led by Pantera Capital, Castle Island Ventures, Franklin Templeton Blockchain Fund

Challenge Arcade marketplace raised $ 15 million in capital in a Series A funding round, according to the company. The investment was co-led by Pantera Capital, Castle Island Ventures and the Franklin Templeton Blockchain Fund. In addition, Lemniscap, Eniac Ventures, Probably Nothing Capital, Protofund and Golden Tree Asset Management participated in the financing of Arcade.

Arcade’s $ 800,000 onchain loan is part of “$ 3.3 million of total loan volume that was guaranteed during Arcade’s private release, the total value of assets that were loaned out on Arcade s ‘amounting to $ 10 million, says Arcade. While Arcade is fully compatible with a myriad of ERC20 tokens, the project also includes a NFT packaged Technology.

“[Wrapped NFT] allows multiple NFT assets to be bundled and used to acquire a single loan, allowing the acquisition of larger loans and greater liquidity, ”details the Series A funding announcement describing the Wrapped NFT feature. “As an open source challenge primitive, Arcade will also allow developers to build on the platform, supporting broader use of this new asset class. “

Lauren Stephanian of Pantera Capital explained during the Series A announcement that the company is eagerly awaiting Arcade’s potential. “Arcade’s guarantee of this new asset class will encourage the participation of new entities from the traditional and digital art and finance worlds, including institutional lenders, high net worth individuals, DAOs, companies with NFTs in their balance sheets and collectors of NFT. and creators, ”added Stephanian.

Tags in this story

Arcade Series A, Blockchain Firm, Capital Raise, Castle Island Ventures, Crypto Firm, Decentralized Finance, DeFi, Finance, Funding Round, Investment, Loan, nft, NFT Collectors, NFT Financialization Platform, NFT, No Token fungible, $ 800,000 chain loan, Pantera Capital, Series A, Series A funding round, Franklin Templeton Blockchain Fund, Wrapped NFT

What do you think of Arcade raising $ 15 million in Series A funding round? Let us know what you think of this topic in the comments section below.

Jamie redman

Jamie Redman is Head of News at Bitcoin.com News and a FinTech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code, and decentralized applications. As of September 2015, Redman has written over 5,000 articles for Bitcoin.com News on the disruptive protocols emerging today.




Image credits: Shutterstock, Pixabay, Wiki Commons

Warning: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, nor a recommendation or endorsement of any product, service or business. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, good or service mentioned in this article.



Source link