The Metaverse Oriented decentralized interest rate protocol, MetaStreet, has secured a new round of venture funding of $10 million. The company has raised $24 million in fundraising over the past year with the $10 million capital increase. The latest funding comes ahead of the introduction of “PowerSweep,” as described by MetaStreet.
Existing investors from Nascent, Dragonfly Capital, and Ethereal Ventures participated in the round. Fintech Collective, TheLAO, DCG, Mirana Ventures, Focus Labs, Metaversal, OpenSea Ventures, Meta4, Ledgerprime, and Flying Falcon are some new investors.
According to MetaStreet co-founder Conor Moore, the capital raised will facilitate marketing, product development, and talent acquisition.
“Previously, we were only focused on the capital deposit side of the equation, and now we’re expanding our offering to help solve problems directly for borrowers,” said Moore.
The infrastructure needed to automate the underwriting and execution of fixed-rate, NFT-backed loans was designed by MetaStreet, which also acts as a capital provider.
With the help of Reservoir, a Web3-native NFT order book protocol, its most recent product, PowerSweep, aims to improve the buying power of NFT traders by enabling them to buy and sell NFTs on margin.
“The integration with MetaStreet allows users to make a transaction but do it with leverage instead of all their own capital,” Moore explained. “It’s focused on borrowers and the origination side of the equation.”
According to Moore, the next iteration of their solution will focus on increasing scale and efficiency for the borrower.
MetaStreet metaverse has facilitated approximately $40 million in lending volume to date. The protocol has enabled two of the largest NFT-backed loans, worth 8.3 million DAI and 8 million DAI, respectively.
“We’re fortunate to be deeply entrenched in NFT finance at such a formative period of time in the lifecycle of the metaverse,” Moore said. “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.”
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