NFT Protocol NFTfi Raises $6 Million in Series A1 Funding Round

NFT Protocol NFTfi Raises $6 Million in Series A1 Funding Round

NFTfi, a protocol for NFT-backed crypto loans, has successfully raised $6 million in its latest Series A1 funding round led by Placeholder VC.

NFT Protocol NFTfi Raises $6 Million in Series A1 Funding Round
Image: TechCrunch

Participating in this round are Maven 11, Launch Labs Inc, Kahuna Ventures, Brevan Howard, The LAO, Reciprocal, a_capital Ventures, Hash, Bloccelerate, Cypher Capital, and Longhash Ventures.

The Series A1 round brings NFTfi's total fundraising to $15 million. Previously, the project concluded a $5 million Series A round in 2021.

With the new financial backing, the NFTfi team plans to enhance their dApp, introduce peer-to-peer lending services, expand SDK features to boost platform liquidity, and develop a dedicated payment layer for the NFT finance sector.

Since its inception, NFTfi has facilitated over $534 million in total loan volume, enabling users to earn over $15 million in interest from lending activities.

To borrow on NFTfi, users can collateralize NFTs such as CryptoPunks, Bored Ape Yacht Club, Mutant Ape Yacht Club, Art Blocks, Autoglyphs, Doodles, Pudgy Penguins, Azuki, Clone X, and Otherdeed.

Also this morning, layer-1 Monad disclosed it is in the process of raising $200 million at a valuation of up to $3 billion.

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