Arcade – a platform designed to support NFT utilization as loan collateral – has reportedly managed to secure  $15 million of capital injection via Series A fundraising. 

Specifically, the freshly concluded Series A funding round reportedly witnessed Pantera, Castle Island Ventures, Franklin Templeton Blockchain Fund, Golden Tree Asset Management, Eniac Ventures, Protofund, Probably Nothing Capital and Lemniscap taking part in. 

Numerous angel investors also took part in the fundraising, nominally BlockFi CEO Zac Prince and Head of Quantstamp Richard Ma – who made the investment with a goal of establishing connections between NFT-collateralized lending and the DeFi sphere. 

The platform is reportedly also coming out of a private release with $3.3 million in total loan volume secured on a total of $10 million in assets.

Arcade co-founder Gabe Frank reportedly remarked that NFTs take up a major percentage of the ever-growing DeFi market – which possesses an estimated market value of more than $250 billion. 

“However, the lack of infrastructure in DeFi prevents NFT holders from achieving liquidity on their holdings despite massive market caps”. 

Arcade’s LinkedIn page reportedly revealed a minimum of 10 US-headquartered employees, with the firm is on the hunt for numerous roles at the moment, including a senior software engineer, lead talent specialist and team coordinator. 

Lauren Stephanian, principal at Pantera Capital, additionally shared that the platform’s collateralization of NFTs possess the possibility of incentivizing participation from “institutional lenders, high-net-worth individuals, DAOs, companies with NFTs on their balance sheets and NFT collectors.”

Different platforms have reportedly finalized, or are in the process of, introducing their services to support the loans against NFTs, including ETNA Network and Lithuania-based lending platform Drops.