- Taker Protocol announced it has raised $3 million from well-known investors.
- It secured the fund to build new financial primitives into the NFTs market.
Taker Protocol announced it has raised $3 million from well-known investors. The crypto liquidity protocol for the non-fungible token (NFT) said it secured the fund to build new financial primitives into the NFTs market.
According to Taker Protocol, the round was led by Electric Capital, with DCG, Ascentive Assets, Dragonfly Capital, Spartan Group, The LAO, Sfermion, and Morningstar Ventures.
Taker Co-Founder Angel Xu commented, expressing his excitement about the investment fund.
We are absolutely thrilled to welcome so many well-established investment funds to the team. Their participation heralds an exciting new phase for the protocol as we seek to address persistent problems in the NFT lending market for the benefit of end-users. This investment will enable us to further optimize the liquidation of NFT assets across multiple blockchains, removing the barriers to entry that prevent new players from entering the market.
Furthermore, Xu adds that they are using an innovative approach to solve the biggest problem in the NFT space. “With Taker, we are one step closer to the world where anyone anywhere can use their NFT assets to take out a loan.” (Maria Shen, Partner at Electric Capital),” she says.
Taker Protocol is a multi-strategy, cross-chain lending protocol for lenders and borrowers to sell and rent digital assets. More so, the platform provides liquidity via its lenderDao support and extensions that integrate into NFT marketplaces.
In addition, the blockchain platform strives to solve liquidity issues that the NFT industry faces. To specify, the firm said it would allow lenders and borrowers to liquidate and rent assets like NFTs, financial papers, synthetic assets, and much more. The team also added that they would create new liquidity streams and possibilities.
As per the team, the funds raised will help the firm launch the complete version of the protocol across multiple chains. This includes Ethereum, Polygon, Solana, Binance Smart Chain (BSC), and Near Protocol.
Note that Taker’s DAO includes many Curator DAOs. Even more, the team said that each sub-DAO will manage its whitelist and a price for any NFT on its whitelist if the borrower defaults on the loan. Highlighting the interest of the DAOs with that of the lenders, Taker said it would lessen the risk exposure for the lenders. Aside from this, the team will also optimize the profits for the DAOs.