Quick take:
- The company will use the funds to launch Liquid Credit Tokens, “unlocking a $3.5 billion yield opportunity in the NFT market.”
- The company has now raised a total of $49 million following the $24 million raised across two rounds in 2022.
- The company wants to improve the accessibility of the credit market backed by illiquid assets like NFTs.
MetaStreed, the decentralised token protocol looking to improve accessibility for credit markets backed by on-chain illiquid assets like non-fungible tokens (NFTs) has announced a $25 million funding round from angel investors.
Mechanism Capital’s Andrew Kang, GMoney, MrBlock, DCF God, Dingaling, Sisyphus, Spencer, FreeLunchCapital, Jae Chung, and GoodAlexander were among those who joined the round.
MetaStreet has now raised a total of $49 million, following the $24 million raised across the Seed and Venture rounds in 2022.
The company is building a decentralised platform for interest-earning tokens with the aim of “unlocking a $3.5 billion yield opportunity in the NFT market.”
Commenting on the fundraising via a thread on X, MetaStreet said it is introducing Liquid Credit Tokens, a new primitive enabling scalable capital markets for on-chain illiquid assets.
MetaStreet also announced the launch of Ascend, a platform that seeks to boost access to illiquid credit markets. The platform is built with scaling of on-chain debt at its core as it seeks to unlock the untapped opportunity of NFTs and other illiquid assets.
“Accessing credit markets backed by illiquid assets like NFTs can be difficult, risky, and complex without Liquid Credit Tokens (LCTs),” MetaStreet wrote on X. “LCTs democratize access to high-yield credit, and now, institutional investors and individuals alike can participate on an equal footing.”
MetaStreet’s decentralised yield-earning token platform is audited by Web3 security firm Cantina and has already onboarded leading institutions like Dialectic Group, Big Brain Holdings, Indigo Fund, and Nascent, who have adopted LCTs.
The company is inviting contributors to its on-chain debt scaling mission, where they will earn XP for deposits, sharing on socials, and being among the early adopters.
MetaStreet also enjoys backing from leading Web3 VCs and investment companies including Animoca Brands, Sfermion, Dragonfly Capital, Ethereal Ventures and OpenSea among others.
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