- NFT lending platform Singular has secured $3 million in a funding round.
- Leading the investment was IOBC Capital, a venture fund.
- The funds will be used to advance the protocol and expand its user base.
SingularLabs, the team behind the project, has announced the successful closure of their seed round, raising $3 million with IOBC Capital as the lead investor. Other notable participants include Bing Ventures, DG Ventures, Divide Labs, and Bitcoin Cash.
The financing will be utilized to further develop the decentralized lending protocol called Singular Protocol and to expand its user base. This platform enables NFT holders to access liquidity by utilizing their assets as collateral.
Singular claims to be the first lending protocol that supports NFTs on various networks, including Ethereum, Arbitrum, Solana, and the Bitcoin network, among others.
From a user perspective, Singular Protocol functions as a peer-to-peer platform with multiple liquidity pools. Users contribute to the pools and borrow from them. The project offers a dynamic risk and return comparison system, aiming for high efficiency.
Earlier, we reported that the Root identification protocol raised $10 million in a funding round involving Animoca Brands.