Arcade Raises $15M to Offer NFT-Backed Loans

Arcade Raises M to Offer NFT-Backed Loans
Arcade has closed a $15 million Series A funding round to bring collateralized lending that connects the fast-growing non-fungible token (NFT) space to decentralized finance (DeFi).The funding will be used to build products and add personnel, including in legal to help the company navigate the regulatory landscape, Arcade co-founder Gabe Frank told CoinDesk in an interview.The round included noted crypto investor Pantera Capital, and other investors included Castle Island Ventures, Franklin Templeton, BlockFi CEO Zac Prince and Quantstamp CEO Richard Ma.Arcade appraises, validates and curates NFT collections for institutions, decentralized autonomous organizations (DAOs) and wealthy collectors. Lenders gain access to…