Arcade is a blockchain platform that aims to provide decentralized access to NFTs, while also allowing users to earn passive income. This week, Arcade announced its plans for an Initial Exchange Offering (IEO) and raised $15 million in seed investment funding.
The “opensea andreessen” has raised $15M to expand their lending platform. The company is planning on expanding the platform to include not only crypto, but also other assets like stocks, bonds, and commodities.
Arcade, a non-traditional lending platform, has announced the completion of a $15 million Series A investment round. The platform connects the two key worlds of non-fungible tokens (NFTs) and decentralized finance (DeFi) by allowing users to borrow against their NFTs as collateral.
Castle Island Ventures, Franklin Templeton Blockchain Fund, Golden Tree Asset Management, Eniac Ventures, Protofound, Probably Nothing Capital, and Lemniscap were among the investors in the round, which was headed by Pantera Capital.
Angel investors BlockFi CEO Zac Prine and Quantstamp CEO Richard Ma also participated in the financing.
Arcade’s aim of growing its workforce, making the platform public, and reaching a bigger audience would be aided by the equity investment round. The firm now employs 13 people and is aiming to grow in product development, business development, marketing, and engineering.
The Platform for Arcade Games
The Arcade NFT lending platform is presently in private beta, with a public launch planned for the first quarter of 2022. The business also stated that it had arranged the highest loan to yet, for $800,000, with a total loan volume of $3.3 million.
NFTs based on Ethereum may be used as collateral for loans in any ERC-20 token on the platform. In addition, the business has said that it is looking at additional blockchains and Layer 2 networks, with support potentially arriving in 2022.
The site caters to institutional lenders and high-net-worth retail innovators, and it charges a modest fee for each transaction.
“Arcade’s collateralization of this new asset class will incentivize participation of new entities from both the traditional and digital art and finance worlds, including institutional lenders, high-net-worth individuals, DAOs, companies with NFTs on their balance sheets, and NFT collectors and creators,” said Lauren Stephanian of Pantera Capital.
The increased financing comes as the number of people who possess NFTs grows, triggering a surge in demand for DeFi apps. This new area is being filled by the Arcade platform.
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The “opensea sales volume” is a cryptocurrency that aims to be the go-to platform for decentralized lending. The company has raised $15M in seed funding to expand their lending platform.
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