On one hand, established crypto companies are in shaky situations due to the liquidity crisis but potential companies are also receiving fundings – comes as a bit strange!
Astaria is a non-fungible token lending platform and liquidity platform that raised $8 million worth of investment in its seed funding round. Since the funding that NFT lending platform received amidst the ongoing crypto market crash situation, it is receiving extra attention. NFT lending platform of Astaria allows its users to put their non fungible tokens or NFTs as collateral in order to earn an instant liquidity.
The funding round has seen participants including True Venture, Ethereal Ventures, Arrington Capital, Genesis Trading, Wintermute, LedgerPrime, The LAO, Hypersphere Ventures and several others. Co founder and CEO of Astaria, Justin Bram said that following the indications of the market entering the bearish trend. NFT sales have also seen dips recently. This makes the services of Astaria more attractive for those NFT owners who are looking to earn instant liquidity as a passive income against their digital assets.
Bram said that Astaria has a very bullish take on NFTs and to bring more such real assets in the future. While stating about the trends that are going on in NFT markets, Bram said that in the next three to five years there are hopes that the NFT lending company will expand further well across the NFT space while including art based and profile picture NFTs.
Astaria avails its users services to take out loans in ETH in return for putting their NFTs as collateral. Co-founder and Chief Technology Officer at Astaria, Joseph Delong said that the NFT lending platform is looking to integrate multiple chains eventually while going beyond Ethereum network in order to expand its support loans in different cryptocurrencies. Delong has earlier experience in the space as he previously led a prominent decentralized finance protocol Sushi and also worked at ConsenSys.
On this topic of cross chain operational expansion, Bram said that everyone knows that Etheruem will be all over the place in the next three to five years, however there is no surety about which other layer 1 and layer 2 solutions will be succeeded.
Alongwith the NFTs have seen success during last year, market for NFT lending services also saw significant growth at the same time where several companies like NFTfi and Arcade emerged that are known to provide P2P lending services.
Source: https://www.thecoinrepublic.com/2022/06/21/nft-lending-platform-astaria-to-raise-8-million-is-seed-funding/