Singapore, 6 Dec. 2022 Pine Protocol The pioneer of the emerging NFT-fi (NFT finance) space through NFT (Non-fungible token) lending and financing has raised $3 million from investors led by Amber Group and investment firm Sparkle Ventures. Co-founded by Animoca Brands and founder of The Sandbox, Pine Protocol specializes in decentralized and unattended NFT loans. Users can control their NFT assets as collateral for borrowing cryptocurrencies such as Ethereum (ETH) from lenders.
since the beta release Pine Protocol’s NFT lending platform has processed over $3.3 million (USD) in credit transactions across more than 40 different NFT collections.
Most of the investors from the protocol’s initial round, which completed earlier this year, have backed support for the project through continued investment in this latest round. These include VCs like Shima Capital and Spartan Capital, joined by private backers Mapleblock, The LAO and MetaStreet co-founder David Choi, among others.
The company has announced the completion of this investment round as it prepares for the upcoming $PINE IDO (Initial DEX Offering) token backed by Impossible Finance in conjunction with anticipated platform updates. which will power Pine’s NFT-fi applications with a plethora of innovations. Financial instruments for NFT assets, both Pine Protocol’s IDO tokens and full platform launch are scheduled for Q1 2023.