Defi Marketplace and NTF Leading Platform Arcade Lands $15 Million Series A Funding

Fazzaco learned that the decentralized finance (Defi) marketplace and non-fungible token (NFT) lending platform Arcade has closed a Series A financing round with $15 million, aiming to lead the financialization of high-value NFTs.

The latest round was co-led by Pantera Capital, Castle Island Ventures, and the Franklin Templeton Blockchain Fund, with other participants including Golden Tree Asset Management, Eniac Ventures, Protofund, Probably Nothing Capital, and Lemniscap. Angel investors CEO of BlockFi Zac Prince and CEO of Quantstamp Richard Ma also joined the financing round.

"The DeFi industry currently contains over $200B in Total Locked Value, with NFTs accounting for a significant portion of that value; however, the lack of infrastructure in DeFi prevents NFT holders from achieving liquidity on their holdings despite massive marketcaps," explained Gabe Frank, Co-Founder of Arcade.

“We are very pleased to close our Series A from notable investors, who, like us, recognize the opportunity and potential for financializing NFTs and enabling NFT holders to unlock the value of these digital assets," Robert Masiello, Co-Founder of Arcade, added.

This month, Fazzaco reported that numerous crypto firms have completed financing. Specifically, Africa Blockchain Lab, an African crypto business, has raised $6 million in a pre-Series A funding round. Ramp​, a provider of crypto payment solutions, has raised $52.7 million in a Series A funding round. Anchorage Digital, a digital asset platform for institutions has secured $350 million in its series D funding round.