The metaverse-oriented capital provider has raised $10 million in its latest funding round to release a new product for servicing borrowers. MetaStreet has facilitated around $40 million in lending volume to date and is backed by VC firms OpenSea Ventures and Dragonfly Capital.
Metastreet, a metaverse-oriented capital provider, has raised $10 million in the latest funding round led by venture capital (VC) firms, to launch the firm’s new product.
The funding was led by existing investors of the company, Dragonfly Capital, Nascent and Ethereal Ventures. New investors in MetaStreet include Fintech Collective, DCG, TheLAO, Focus Labs, Mirana Ventures, Metaversal, OpenSea Ventures, Ledgerprime, Meta4 and Flying Falcon.
MetaStreet is a capital provider for NFT-backed loans, best known as the architect behind developing infrastructure for automated underwriting and execution of fixed-rate NFT loans. Its latest product called “PowerSweep” aims to increase the purchasing power of NFT traders by allowing them to buy and sell NFTs on a margin. The crypto-fintech uses Reservoir’s NFT order book protocol to facilitate the trades.
To date, the protocol has facilitated around $40 million in lending volume. MetaStreet is also the issuer of two of the largest NFT-backed loans in the industry.
“We’re fortunate to be deeply entrenched in NFT finance at such a formative period of time in the lifecycle of the metaverse. This is one of those unique moments in an industry’s growth where everyone who’s here today is simply focused on bringing new users into the space, an entire blue ocean of opportunity,” said Conor Moore, co-founder of MetaStreet. Full story here