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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 facilitated an on-chain loan of US$800,000 from the NFT portfolio of a lender with more than US$10 billion.
Arcade raised $15 million in Series A funding jointly 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 co-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] Allows multiple NFT assets to be bundled and used to obtain a single loan, thereby enabling larger loans and greater liquidity,” the Series A financing announcement detailed the Wrapped NFT function. “As an open source definition primitive, Arcade will also use Developers can 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.
What do you think of Arcade raising US$15 million in Series A financing? Please tell us your thoughts on this topic in the comments section below.
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