NFTfi Raises $6 Million in Series A1
NFTfi Raises $6 Million in Series A1
NFTfi’s latest funding round, led by Placeholder VC, has increased the total amount raised to $15 million. Previously, it raised $5 million in a series A round in 2021.
NFTfi, a non-fungible token (NFT) lending protocol, just completed its latest Series A funding round raising $6 million. This is an important step in developing the leading lending and liquidity platform for NFTs.
Along with Placeholder VC, other investors participating in the round include Maven, Launch Labs Inc, Kahuna Ventures, Brevan Howard, The LAO, Reciprocal, a_capital Ventures, Hash, Bloccelerate, Cypher Capital and Longhash Ventures.
NFTfi’s total capital raised has increased to $15 million, after previously raising $5 million in a series A round in 2021.
We are excited to announce a $5 million Series A round raise.
(1/10 ) pic.twitter.com/bMI2VAzVNz
— NFTfi.com (@NFTfi) November 16, 2021
The team plans to use the new funds to upgrade their decentralized application (dApp). The plan includes support for manual peer-to-peer loans and expanding the SDK’s features to enhance liquidity on the platform. Furthermore, they are developing a separate open payments layer for NFT financing, as mentioned in the project’s statement.
Related: Pepe The Frog Creator Drops A New NFT Collection
To date, NFTfi has facilitated $534 million in total lending volume since launching in 2020. Lenders on the platform have earned more than $15 million in profits.
NFTs used as collateral on the platform include CryptoPunks, Bored Ape Yacht Club, Mutant Ape Yacht Club, Art Blocks, Autoglyphs, Doodles, Pudgy Penguins, Azuki, Clone X and Otherdeed.
