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Pine Protocol, Nft Financing Platform, Closes $3M Private Round, Led By Amber Group & Sparkle Ventures

Dec 06, 2022•over 2 years ago

Amount Raised

$3 Million

Round Type

seed

SingaporeLendingFintechFinancial Services

Investors

Sparkle Ventures

Description

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.

Company Information

Company

Pine Protocol

Location

Singapore

About

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.

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Funding Insights

Based on industry data
VC-backed spending patterns
VC-backed companies spend 89% more on sales and 100% more on marketing than bootstrapped peers