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.
Source: The Block
