The $3 million private round, co-led by Amber Group and Sparkle Ventures on behalf of Pine Protocol, an NFT-backed lending protocol, also included participation from Shima Capital, Spartan Capital, The LAO, and other investors.
The vast majority of the investors from the protocol's seed round, which was finished earlier this year, have reiterated their support for the effort through follow-up investments in this most recent round. Shima Capital, Spartan Capital, Mapleblock, The LAO, and David Choi, co-founder of MetaStreet, are just a few of the venture capital firms that have recently joined them as private round backers.
Users can borrow cryptocurrency thanks to Pine Protocol's usage of NFTs as security. The protocol aims to introduce the entire platform, which will come with a number of NFT-fi features, such as the capacity to bid on NFTs on OpenSea and make payments later. In the first quarter of 2023, Pine Protocol also plans to launch PINE, its coin.
Since the platform's beta launch, more than 40 different NFT collections totalling more than $3.3 million in loan transactions have been processed.