Venture capitalist funds continue to be poured into decentralized finance.
Today, DeFi Lending Protocol MetaLend Announced that it has completed a $ 5 million seed round led by Pantera Capital. The round also includes Collab + Currency partner Stephen McKeon, Sky Mavis board member, Vietnam blockchain game guild Ancient8, and angel investor and co-founder of Meta Street, David Choi.
According to MetaLend, $ 5 million will be spent on product development to create new talent and enhance marketing efforts. The protocol is currently in closed beta and will be launched during the second quarter of 2022.
Founded in December 2021 by Sudjeev Singh and Nikhil Bhardwaj, MetaLend focuses on providing financial services to the GameFi sector. GameFi is a decentralized finance niche focused on play-to-earn blockchain games like Axie Infinity. Players earn cryptocurrencies and rewards when they complete tasks and fight other players.
In addition, MetaLend co-founder Sudjeev Singh said: Decryption Ethereum-based protocols allow users of gaming NFTs to use these assets as collateral for their loans. Borrowers can continue to regenerate and generate assets using NFTs. MetaLend says it will work with the Game Guild to acquire individual NFT owners who are trying to support their capital needs, grow their business and harness the liquidity they need.
“With MetaLend, we can leverage and leverage NFTs in new ways to bring value to the entire play-to-earning ecosystem,” said Paul Veradittakit, a partner at Pantera Capital, in a statement.
According to Shin, MetaLend solves a major problem with many wallets used primarily for managing Play-to-Earn NFTs.
“I realized that there are no financial tools available to these asset owners and no banks accept these gaming assets as collateral for loans,” he said.
“In the long run, we believe that NFTs represent everything from intellectual property to physical land ownership through NFTs. We see MetaLend as a bank for asset owners in the new digital economy.” Singh said.
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