Defi Marketplace and NFT Platform Arcade raised US$15 million in Series A funding – Finance Bitcoin News

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Decentralized finance (defi) market, non-fungible token (NFT) financial platform and lending application Arcade announced that the company has completed a $15 million Series A investment. Just recently, Arcade provided an on-chain loan of US$800,000 for the NFT portfolio with more than US$10 billion in lenders.

Arcade raised US$15 million in Series A funding co-led by Pantera Capital, Castle Island Ventures, and Franklin Templeton Blockchain Fund

According to the company, defi market Arcade raised US$15 million in its Series A financing. The investment was led by Pantera Capital, Castle Island Ventures and Franklin Templeton Blockchain Fund. In addition, Lemniscap, Eniac Ventures, Maybe Nothing Capital, Protofund and Golden Tree Asset Management participated in Arcade’s financing.

Arcade’s $800,000 milestone on-chain loan is “part of the total $3.3 million loan received during Arcade’s private offering, and the total value of assets lent on Arcade is $10 million,” Arcade said. Although Arcade is associated with countless ERC20 tokens Fully compatible, but the project also has a proprietary Wrapped NFT Technology.

“[Wrapped NFT] Multiple NFT assets are allowed to be bundled and used to obtain a single loan, so as to obtain larger loans and greater liquidity,” the Series A financing announcement detailed the Wrapped NFT function. “As an open source definition primitive, Arcade will also Enable developers to build on the platform to support wider use of this new asset class. “

Lauren Stephanian of Pantera Capital explained in the Series A announcement that the company looks forward to the potential of Arcade. “Arcade’s mortgage on this new asset class will incentivize the participation of new entities from the traditional and digital arts and financial world, including institutional lenders, high-net-worth individuals, DAOs, companies with NFTs on their balance sheets, and NFT collectors and creations. ,” Stephanian added.

Tags in this story

Arcade Series A, Blockchain company, Financing, Castle Island Ventures, Encryption company, Decentralized finance, Go to financial institution, finance, Financing round, invest, Borrow, nft, NFT collector, NFT financial platform, NFT, Irreplaceable tokens, $800,000 on-chain loan, Panther Capital, A series, A round of financing, Franklin Templeton Blockchain Fund, Wrapped NFT

What do you think of Arcade raising $15 million in Series A financing? Please tell us your thoughts on this topic in the comments section below.

Jamie Redman

Jamie Redman is the head of news at Bitcoin.com News and a fintech reporter living in Florida. Since 2011, Redman has been an active member of the cryptocurrency community. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about destructive protocols emerging today.




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