Pawnfi.com Raises $3M to Launch the First Liquidity
NEW YORK, Nov. 16, 2021 (GLOBE NEWSWIRE) – Pawnfi.com (Pawnfi) has announced the closing of a strategic $ 3 million funding round. The investment round was led by Digital Currency Group (DCG) and also included Animoca Brands, Dapper Labs, Polygon, DeFi Alliance, Hashkey Capital, Everest Venture Group, SNZ and 6Block.
The first DeFi product of its kind, Pawnfi.com is a whole new lending and leasing market. It assesses, liquidates and provides use cases for non-standard assets (NSA). Supported NSAs include non-fungible tokens (NFTs), liquidity provider tokens (LP tokens), tokenized rights, minor cryptocurrencies, and bundled assets. With the development of the metaverse, more NSAs will emerge, and how these assets are valued, traded and liquidated will be critical to the revolution of the entire financial industry. To stay ahead of the evolving metaverse, Pawnfi.com strives to enable asset owners to access diversified cash flows and maximize the efficiency of their assets.
To achieve this, Pawnfi.com uses the concept of the pawn, tapping into blocked liquidity in NSAs. Unlike traditional pawn shop or leasing, collateral is digital and custody / settlement is governed by the blockchain on which it is hosted; Pawnfi’s workflow is managed through smart contract escrow and settlement.
Matthew Beck, Director of Investments at DCG, said of the project: âDCG is proud to be one of the first investors in Pawnfi.com. Pawnfi’s Decentralized Liquidity Protocol can enable dynamic borrowing and lending markets for non-standard crypto assets, including NFTs – leading to better capital efficiency and greater value for these markets and the creator economy . “
Yat Siu, Executive Chairman and Co-Founder of Animoca Brands, added: âAnimoca Brands is delighted to support Pawnfi.com. With its innovative nested blocks of ‘Pawn + Lease + Sale’, we expect to see more NFT assets freeing up their liquidity. because they take advantage of Pawnfi’s potential. “
Pawnfi.com launched a closed beta for Strategic Investors, GameFi Partners and NFT KOLs in December 2020. Thanks to the feedback received, it has now completed key iterations and delivered innovative solutions for fair value, liquidity and risk control of NSAs.
The Pawnfi EVM version supports ETH, BSC, Polygon, Arbitrum and Moonbeam chains. Additionally, it will enable cross-chain integration across Flow and other channels to ensure an improved and holistic user experience. Pawnfi will maintain the momentum in product development, whitelist assets, multi-channel network support and other innovative features, offering iterations weekly.
Speaking about the long-term outlook for the project, Pawnfi Founder and CEO Wesley Kayne said, âThe NSA market Pawnfi caters to is significantly larger than the current NFT market. Specifically, liquidity and user base will be many times that of standard assets as the metaverse grows. We will maintain our lead in the scale of assets covered by Pawnfi and continue to offer innovative functions.
Pawnfi’s development team includes elite professionals from blockchain R&D, the traditional financial industry, and the gaming industry with several years of development experience. The team will initially be the spearhead of the protocol, addressing both operational and strategic issues. Once growth is achieved, Pawnfi will transition to a Decentralized Autonomous Organization (DAO) where loyal users and contributors can participate to improve the directions of the platform’s products and services.
The demand for NSA has increased dramatically and with it their associated value. For example, in the third quarter of 2021 alone, NFT trading volume reached $ 10.67 billion, according to a report by analytics platform DappRadar. Unlocking the use case and liquidity of this growing asset class will be a game-changer.
Pawnfi.com is a brand new lending and renting marketplace to provide fair valuation, liquidity, and use cases for Non-Standard Assets (NSA). Pawnfi has achieved the divestiture of asset ownership, rights of use and entitlement within the product in an innovative way so that asset owners and users can maximize capital efficiency. Compared to other industry lending protocols, Pawnfi can provide a wider range of asset carriers, a more flexible loan portfolio and more diversified asset realization solutions. For information visit https://pawnfi.com/.
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Wesley Kayne, Pawnfi Media Office
Email: [email protected]
THE SOURCE: Pawnfi