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NFT lending protocol NFTfi raises $6 million in series A1 funding

NFT lending protocol NFTfi raises $6 million in series A1 funding

The BlockThe Block2024/03/11 16:10
By:The Block

Quick Take The latest funding round was led by Placeholder VC. NFTfi’s total loan volume stands at $534 million to date, the project said on Monday.

NFT lending protocol NFTfi raises $6 million in series A1 funding image 0

NFTfi, a non-fungible token (NFT) lending protocol, raised $6 million in its latest Series A1 funding round led by Placeholder VC.

Other participating investors included Maven 11, Launch Labs Inc, Kahuna Ventures, Brevan Howard, The LAO, Reciprocal, a_capital Ventures, Hash, Bloccelerate, Cypher Capital and Longhash Ventures.

The project noted that this latest funding increased the total capital raised to $15 million. It had previously raised $5 million in a series A round in 2021.

The team intends to use the newly acquired funds to improve its dApp by introducing support for manual peer-to-peer loans and to broaden its SDK’s features, aiming to enhance liquidity on the platform. Additionally, it aims to develop an open settlement layer dedicated to NFT finance, as mentioned in the project’s statement.

NFTfi has facilitated $534 million in total loan volume since its launch in 2020, with lenders on the platform earning over $15 million in interest, the team said.

NFTs used on the platform as collateral include CryptoPunks, Bored Ape Yacht Club, Mutant Ape Yacht Club, Art Blocks, Autoglyphs, Doodles, Pudgy Penguins, Azuki, Clone X, and Otherdeed.


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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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