New York based DeFi marketplace and lending platform for financing NFTs raised $15m in Series A funding led by Pantera Capital.
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Arcade raises $15m in Series A funding
There are several such platforms that facilitate loans against NFTs, including NFTfi and Pawnfi. Masiello said Arcade's competitive edge is that it allows multiple NFTs to be included in a bundle to acquire a single loan through a wrapped asset called wNFT. This helps with lower gas fees since there is a single loan transaction instead of multiple ones, he added.
