Pine Protocol, a pioneer of the emerging NFT-fi (NFT finance) space through NFT (Non-fungible token) lending and financing, has raised $3 million from investors co-led by Amber Group and Sparkle Ventures, an investment firm jointly created by Animoca Brands and the founders of The Sandbox. Pine Protocol specializes in decentralized and non-custodial NFT-backed loans, where users are able to harness their NFT assets as collateral to borrow cryptocurrencies such as Ethereum (ETH) from lenders.
Since its beta launch, Pine Protocol’s NFT-loan platform has processed over $3.3M (USD) in loan transactions across more than 40 different NFT collections.
The vast majority of investors from the protocol’s seed round, completed earlier this year, have reinforced their support for the project through followup investments in this recent round. These include VC’s such as, Shima Capital and Spartan Capital, who have now been joined by private round backers, Mapleblock, The LAO, and MetaStreet Co-Founder, David Choi, to name a few.
The company has announced this investment round completion as it gears up for its upcoming $PINE token IDO (Initial DEX Offering) supported by Impossible Finance, in conjunction with their anticipated platform update, which will power Pine’s NFT-fi application with a plethora of innovative financial tools for NFT assets. Both Pine Protocol’s token IDO and full platform release are slated for Q1 2023.