Pine raises $1.5M to provide instant cash to NFT owners
The Pine platform, which is built on the Pine protocol, enables instant, permissionless lending and borrowing of cryptocurrencies using NFTs as collateral. The Pine platform offers distinctive features to provide a better user experience: the “Pine Now, Pay Later” feature allows anyone to buy NFTs on open NFT markets with a mortgage, offering flexible financing terms. Currently OpenSea and LooksRare are supported with more marketplaces to be added. Additionally, NFT owners will be able to retain the utilities of their NFTs, such as receiving airdrops and accessing closed channels, even when pawned.
Since its alpha launch in February and the official product launch at the end of April 2022, the Pine platform has facilitated over $2 million in loans. NFT owners can currently get a crypto loan on 30 popular NFT collections including Bored Ape Yacht Club, Azuki, CloneX, Moonbird, Doodle and many more.
“A year ago I wanted to buy a Meebit but I had no spare ETH in my wallet. I sold my Bored Ape Yacht Club (BAYC) for 7 ETH to complete the transaction. I wanted to redeem another BAYC but I’ve never done it and I still have my Meebit right now. Looking back, I wish I had access to a platform like Pine. I decided to develop Pine so that the NFT owners like me can unlock cash without having to sell their NFTs. They can also get financing for their dream NFT purchases,” says Pine Co-Founder Alex “Azure” Ho. who comes from different professional backgrounds, but most importantly, we are all NFT lovers, collectors and believers,” adds Alex.
“We believe that NFTs have a multi-decade growth track and will unlock tremendous value for artists, builders, creators, curators and owners. But we are still ahead and the infrastructure needs to be built. Pine’s mission is to provide Challenge Primitives for NFTs will be an essential piece of the puzzle. We are extremely excited to partner with the Pine team and look forward to working with them to accelerate the emergence of an open, inclusive and thriving creator economy,” said Wang Jian, Chief Investment Officer of Amber Group.
“Pine is a perfect example of how breakthrough innovation happens at the intersection of different ideas. By building the infrastructure to facilitate the use of NFTs as collateral, the Pine Protocol brings needed capital efficiency to the NFT market and is a key step in the continued integration of the NFT and DeFi ecosystems. Sino Global Capital couldn’t be more thrilled to support this amazing team of builders as they drive our entire industry forward,” concludes Matthew Graham, CEO of Sino Global Capital.
The funds will be used to further develop the Pine Platform and Pine Protocol and add multi-chain support for Solana, Binance Smart Chain, Avalanche, and Fantom, among others.
Connect your wallet to the Pine platform and access instant liquidity: https://pine.loans/