SAN FRANCISCO, Jan. 31, 2022 /PRNewswire-PRWeb/ -- Arcade, a DeFi marketplace and lending platform that enables the financialization of NFTs, officially launches after recently closing a $15M Series A raise with Investment from Pantera Capital, Castle Island Ventures, Eniac Ventures, Golden Tree Asset Management, and several other notable investors. Arcade also launches by coordinating the largest on-chain NFT-backed loan to date: a $1.25M art basket loan funded by Genesis for well-known art collector Chris Ciobanica (AKA Silver Surfer).
Arcade is an innovative peer-to-peer lending marketplace that allows NFT owners to unlock liquidity on one or more NFTs on the Ethereum blockchain. Lenders that hold stablecoin or ERC20 tokens can participate in a new source of DeFi yield by underwriting fixed-rate term loans collateralized by borrowers' NFTs. The platform uses the Pawn Protocol, a battle-tested and audited smart contract protocol specialized to escrow high-value assets on Ethereum.
"Our team has been working non-stop to ensure Arcade is the most intuitive and useful platform of its kind, so we are beyond excited to announce its full, public launch. Arcade is a multi-product NFT platform and DeFi primitive that allows users to turn idle NFT assets into usable liquidity," shared Gabe Frank, CEO of Arcade. "Arcade's continued focus is on building primitives, infrastructure, and applications enabling the growth of NFTs as an asset class."
Arcade has been in private release with the protocol holding more than $15 million in "blue chip" NFTs locked in escrow and $6 million of loan volume. An institutional OTC desk arranges high-value loans leveraging machine learning and social sentiment analysis to appraise NFTs and enable users to unlock maximum value from their assets.
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About Arcade
Arcade is the leading DeFi marketplace & infrastructure for loans backed by NFT collateral, where lenders and borrowers come together to turn idle holdings into liquid assets. Bridging the gap between the traditional art market and a new digital asset class, the Arcade OTC desk independently appraises, validates, and curates NFT collections for institutions, DAOs, and high-net-worth collectors. Lenders gain access to a new source of yield, and borrowers gain insight into the true value of their assets. Asset owners retain all rights and access to collateral on Arcade and the platform is non-custodial. As an open-source DeFi primitive, Arcade also enables developers to build on top of the platform, supporting the broader financialization of this new asset class.
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SOURCE Arcade
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