Arcade, a decentralized finance (defi) marketplace, non-fungible token (NFT) financialization platform, and loan application, has announced the completion of a $15 million Series A funding round. Arcade recently handled a onchain loan of $800,000 from a lender with over $10 billion in assets.
Pantera Capital, Castle Island Ventures, and the Franklin Templeton Blockchain Fund join up to raise $15 million in Series A funding for Arcade.
According to the company, the defi marketplace Arcade has raised $15 million in money during a Series A investment round. Pantera Capital, Castle Island Ventures, and the Franklin Templeton Blockchain Fund co-led the investment. Arcade was also funded by Lemniscap, Eniac Ventures, Probably Nothing Capital, Protofund, and Golden Tree Asset Management.
Arcade’s $800,000 milestone onchain loan is part of a total loan volume of $3.3 million secured during Arcade’s private release, with the entire value of assets loaned on Arcade equaling $10 million, according to Arcade. While Arcade is completely interoperable with a wide range of ERC20 tokens, the project also includes its own Wrapped NFT technology.
“[Wrapped NFT] allows numerous NFT assets to be combined and used to acquire a single loan, allowing for the acquisition of larger loans and better liquidity,” the Series A investment announcement explains. “As an open-source defi basic, Arcade will also allow developers to build on top of the platform, enabling broader use of this new asset type.”
Lauren Stephanian of Pantera Capital stated during the Series A announcement that the company is excited about Arcade’s prospects. “Arcade’s collateralization of this new asset class will incentivize participation of new entities from both the traditional and digital art and finance worlds, such as institutional lenders, high-net-worth individuals, DAOs, companies with NFTs on their balance sheets, and NFT collectors and creators,” Stephanian added.