[Singapore, 18 May 2022] – Pine Platform has raised US $1.5 million in seed investment for its permissionless NFT-backed crypto lending protocol. Sino Global Capital, Amber Group, and Spartan Group lead the round, including Alameda Research, Gate Ventures, Impossible Finance, and Shima Capital.

NFTS

What the founder has to say:

 Alex Azure Ho, Co-founder of Pine:

“I intended to buy a Meebit a year ago, but I didn’t have any spare ETH in my wallet. I sold my Bored Ape Yacht Club (BAYC) at 7 ETH to execute the trade. I intended to purchase another BAYC, but I never did, and I still own my Meebit. In retrospect, I wish I’d had access to anything like Pine. Pine was created so that NFT owners like myself could gain liquidity without having to liquidate their holdings. They can also get help paying for their NFT purchases. We’re building Pine with a varied staff with various professional backgrounds, but we’re all NFT fans, collectors, and believers first and foremost.”

What the investors have to say:

Wang Jian, Head of Principal Investment of Amber Group:

“We believe that NFTs have a multi-decade growth runway and that they will unlock enormous value for artists, builders, creators, curators, and owners. However, it is still early, and infrastructure must be developed. Pine’s objective to provide DeFi primitives for NFTs will be a crucial component. We are ecstatic to be partnering with the Pine team and look forwards to collaborating with them to accelerate the emergence of an open, inclusive, and thriving creative economy,”

 Matthew Graham, CEO of Sino Global Capital:

“Pine is a fantastic example of how breakthrough creativity happens when multiple ideas collide. Pine protocol delivers required capital efficiency to the NFT market and is a significant step in the further integration of the NFT and Defi ecosystems by establishing the infrastructure to permit the usage of NFTs as collateral. Sino Global Capital is ecstatic to be a part of this incredible team of builders as they propel our industry ahead.”

About Pine Platform:

Pine Platform Website

Pine Technology is a multi-blockchain lending and borrowing protocol that enables on-chain asset-backed financing. Pine is a two-sided system that allows borrowers to borrow cryptocurrency from lenders in real-time using their assets, represented on-chain via NFTs, as collateral. A group of NFT enthusiasts is developing Pine with experience in blockchain engineering, investment banking, and management consulting.

The Pine Platform, based on the Pine Protocol, allows for permissionless rapid cryptocurrency lending and borrowing utilizing NFTs as collateral. To give a better user experience, the Pine Platform includes the following features: The ‘Pine Now, Pay Later’ option allows anyone to buy NFTs on open NFT marketplaces with a mortgage, giving them more flexibility in payment. OpenSea and LooksRare are currently supported, with more marketplaces on the way. Additionally, even if their NFTs are pledged as collateral, their utilities will be preserved, such as receiving airdrops and accessing gated channels.

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Kshitij does business research and content writing for VCBay. Pursuing BBA from Symbiosis Center Of Management Studies (SCMS) Pune, he is skilled in Financial Modeling, Stock valuation and Microsoft Excel. He is passionate about Entrepreneurship and Finance.

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