TechFlow news — Permissionless NFT lending protocol Pine Protocol has announced a $1.5 million seed funding round led by Sino Global Capital, Amber Group, and Spartan Group, with participation from Alameda Research, Shima Capital, Impossible Finance, and Gate Ventures. The new funds will be used to further develop the Pine platform and protocol, adding multi-chain support for Solana, BNB Chain, Avalanche, and Fantom.
Currently, Pine supports OpenSea and LooksRare, with plans to integrate more marketplaces in the future. Additionally, NFT holders will be able to retain functionality of their NFTs—such as receiving airdrops and accessing gated communities—even when they are pledged as collateral.
Since launching its alpha version in February and officially releasing the product at the end of April 2022, the Pine platform has facilitated over $2 million in loans. NFT users can currently access crypto loans against 30 popular NFT collections, including BAYC (Bored Ape Yacht Club), Azuki, CloneX, Moonbirds, and Doodles.
