Arcade (formerly Pawn.fi), a platform that lets users borrow against their NFTs as collateral, has raised $15 million in a Series A funding round.
Pantera Capital led the round, with Castle Island Ventures, Franklin Templeton Blockchain Fund, Golden Tree Asset Management, Eniac Ventures, Protofund, Probably Nothing Capital, and Lemniscap also participating.
Angel investors such as BlockFi CEO Zac Prince and Quantstamp CEO Richard Ma also joined the round.
The fundraise was an equity funding round and will help Arcade expand its team, launch the platform publicly, and reach more users, co-founder Robert Masiello told The Block. Arcade’s current headcount is 13, and the startup is hiring for various roles across product, business development, marketing, and engineering functions.
Arcade is currently available in a private beta form and will open to the public in early Q1 next year, said Masiello. In its private release, Arcade says it has facilitated the largest loan of $800,000 and
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