A South African startup, NFTfi, is reported to have recently raised $5 million which the company intends to use for boosting its business of collateralizing non-fungible tokens (NFTs).
Cryptocurrency Loan Marketplace
According to a Techcrunch report, NFTfi’s $5 million capital raise was led by U.S. actor Ashton Kutcher’s Sound Ventures. The other investors that participated in the funding round include Maven 11, Scalar Capital, and Kleiner Perkins.
The company, which was founded by Stephen Young in February 2020, already acts as a marketplace where users can get a cryptocurrency loan on their NFTs and offer loans to borrowers against their NFTs. By collateralizing their tokens, NFT holders will be able to unlock liquidity without selling, the report explained.
Since facilitating its first loan in May