Arcade closes $15M Series A funding round
To help connect the NFT space to DeFi
DeFi marketplace and lending platform, Arcade, has raised $15 million in a Series A funding round.
Arcade will use the fresh capital to build products and hire new employees, primarily in its legal department, to help the company better understand NFT-related regulations.
In its announcement, Arcane revealed that Pantera, Castle Island Ventures, Franklin Templeton, Golden Tree Asset Management, Eniac Ventures, Protofund, Probably Nothing Capital, and Lemniscap, along with angel investors BlockFi CEO Zac Prince and Quantstamp CEO Richard Ma were behind the investment.
The platform currently supports Ethereum-based NFTs as collateral for getting loans in all ERC-20 tokens, including wETH, USDC, and DAI. Arcade also features Wrapped NFT (wNFT) technology, which can be used to bundle and utilize multiple NFT assets to acquire a single loan.
“The DeFi industry currently contains over $200B in Total Locked Value, with NFTs accounting for a significant portion of that value; however, the lack of infrastructure in DeFi prevents NFT holders from achieving liquidity on their holdings despite massive marketcaps," explained Gabe Frank, Co-Founder of Arcade.
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