NFT Lending Platform ‘Arcade’ Raises $15M in Seeding Round
NFT lending platform Arcade has raised $15M in Part A funding. The seeding round brings the start-up’s total funding to $17.75 million, all in 2021.
The round was headed by Pantera Capital, with Castle Island Ventures, Protofund, Franklin Templeton Blockchain Fund, Golden Tree Asset Management,Eniac Ventures, Probably Nothing Capital, and Lemniscap also participating.Angel investors such as BlockFi CEO Zac Prince and Quantstamp CEO Richard Ma also got tangled in the round.
The funding will allow Arcade to launch officially next year, in an evolution from its current private beta stage. It will also be used to increase the spread of its services to more users, as well as to enlarge its 13-person team in areas across legal, product, business development, marketing, and engineering functions.
Arcade (formerly Pawn.fi) lets users borrow against their NFTs as collateral. The company evaluates, validates and curates NFT collections for institutions, DAOs and collectors. Through this service, lenders get access to a new income source, and asset owners can achieve liquidity on their holdings whilst retaining rights and access to collateral on the platform.