NFT Lending Protocol Pine Raises $3 Million In Private Round Led By Amber Group
Shima Capital, Spartan Capital, The LAO, and others also participated in the $3 million private round co-led by Amber Group and Sparkle Ventures on behalf of Pine Protocol, an NFT-backed lending protocol.
Through follow-up investments in this most recent round, the vast majority of the investors from the protocol’s seed round, which was completed earlier this year, have reaffirmed their support for the initiative. These include venture capital firms like Shima Capital and Spartan Capital, as well as Mapleblock, The LAO, and David Choi, co-founder of MetaStreet, who have just joined them as private round supporters.
With NFTs as security, Pine Protocol enables users to borrow crypto. The protocol intends to introduce the whole platform, which will include several NFT-fi features, including the ability to bid on NFTs on OpenSea and pay for purchases later. In addition, Pine Protocol intends to introduce its token, PINE, in the first quarter of 2023.
Over 40 separate NFT collections totaling over $3.3 million in loan transactions have been handled over its NFT-loan platform since its beta introduction.
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