Arcade raises $ 15 million for NFT-backed loans

Arcade Completes $ 15 Million Series A Funding for Loans, Connected to Fast Non-Fungible Token (NFT) with Financial Division (DeFi).

Arcade co-founder Gabe Frank said in an interview that the money would be used to develop products and increase the workforce, including legal staff to help the company protect its control.

The company includes renowned cryptocurrency investor Pantera Capital, other investors including Castle Island Ventures, Franklin Templeton, BlockFi CEO Zac Prince, and Quantstamp CEO Richard Ma.

Arcade reviews, validates, and manages NFT collections for organizations, Decentralized Autonomous Organizations (DAO), and wealthy authors. Lenders can now access new income portfolios and members can now see their insurance income while owning full rights and access to arcade collateral. .

Arcade works well with all ERC-20 tokens including wETH, USDC, and DAI. The company's Wrapped NFT technology allows multiple NFT assets to be bundled together and used to secure a single loan. Arcade is also the first open DeFi that allows developers to build on the platform.

Frank of Arcade first entered the crypto space in 2018, but understood the power of other assets early on. The HI family owns several mortgages in Texas, which gave Frank a recommendation for loans of intangible assets such as diamonds, watches and paintings.

“I started writing NFTs and noticed that there was a difference in the access to capital of those assets,” Frank said. As corporate profits have grown, it has been speculated that lending to real assets will create an environment that is not fungible.

Arcade is a private company secured by $ 10 million in assets on the arcade platform with a total loan of $ 3.3 million.

“Arcade mortgages of this new asset include loan companies, high yields, DAOs, companies with NFTs on their balance sheets, NFT authors and,” said Lauren Stephanian, president of Pantera Capital, in a press release.

As more and more people have NFTs, the demand for DeFi app is also increasing. Other NFT derivatives include the fragmentation platform Fractional, stacking provider NFTx, cross-chain liquidity contracts Taker and NFTfi, and other companies providing NFT loans.