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- Arcade, a lending platform that offers loans averse to Non-Fungible Tokens as collateral, has jacked up $15 Million.
- The public will get access to the platform in the first quarter of 2022, as told by Robert Masiello, co-founder of Arcade, to a news agency.
- At present, the organization has 13 employees, but it is recruiting individuals for different roles regarding the development of business, marketing, product, as well as engineering functions.
Arcade Raises $15 Million
Lending platform Arcade, which enables the users to receive loans through keeping Non-Fungible Tokens as collateral, has jacked up $15Million in Series A funding round. The round was led by Pantera Capital, with Lemniscap, Probably Nothing Capital, Protofund, Eniac Ventures, Gold Tree Asset Management, Franklin Templeton, and Castle Island Ventures participating in the round. The round was joined by the Angel investors like Richard Ma and Zac Prince, CEOs of Quantstamp and BlockiFi, respectively.
The raised fund will be beneficial to the Arcade team to stretch themselves, to release the platform publicly, as well as to attract more users to the platform, as told by Robert Masiello, co-founder of Arcade to a news agency.
Arcade Expanding its Team
Founder of Arcade, Gabe Frank, stated that Non-fungible Tokens hold a major portion of the rapidly growing DeFi marketplace, and have a TVL of $250 Billion as of now. Gabe Frank stated that, “However, the lack of infrastructure in DeFi prevents NFT holders from achieving liquidity on their holdings despite massive market caps.”
13 employees are working for the organization as of now, and Arcade is looking forward to adding people to its teams working on the development of marketing, business, engineering functions as well as its product.
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Pantera Capital is looking forward to the potential of Arcade, explains its principal Lauren Stephanian. She added, “Arcade’s collateralization of this new asset class will incentivize the 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,”
The Platform will be Accessible Publicly in 2022’s Q1
As of now, the platform is in its Beta phase and will be accessible to the public in the first quarter of the year 2022. The biggest credit offered by Arcade is $800,000 to the date and has offered $3.3 Million in total.
Non-Fungible Tokens that are based on Ethereum are supported by the platform as collateral against loans, in all forms of ERC-20 tokens like stablecoins DAI and USDC and wrapped Ether. Layer 2 networks, as well as various other blockchains, are being scouted for assistance, revealed by Masiello.
Services regarding offering loans against NFTs have already been released by many platforms or are waiting to be released, including Drops, a platform based on Lithuania and ETNA Network. An announcement was made in march by Teller Finance, a lending protocol that some of the clients might obtain loans without any collateral security, attainable via Special NFTs.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
