Home > NewsRelease > Multiple VCs Back Strip Finance in $1.5M to Build NFT Collateralization Platform
Text
Multiple VCs Back Strip Finance in $1.5M to Build NFT Collateralization Platform
From:
Blockchain Wire Blockchain Wire
For Immediate Release:
Dateline: New York City, NY
Monday, October 11, 2021

 

Strip Finance is building liquidity easing solutions for the nonfungible token (NFT) space, initially launching a collateralized NFT lending and borrowing platform on Binance Smart Chain. 

The platform will enhance liquidity in the NFT market by providing users with an option to retain ownership and, yet, derive liquidity. In addition, the platform’s ability to collateralize NFTs through its liquidity protocol enhances the value proposition for both asset owners and yield-seeking investors.

Founded in 2021 by Varun Satyam, Yuvraj Chhibber and Yash Jejani who are experienced crypto entrepreneurs and operators, Strip Finance counts stalwarts of the crypto industry as advisors and investors. 

Using Strip Finance, NFT collectors can get stablecoins without selling off their NFTs, allowing them to attain liquidity and leverage the value of holdings to mint more NFTs and still have ownership of their prized assets. For the lenders, it allows them to earn interest on the platform and have a chance to acquire defaulted NFTs at discount prices.

The lender can propose an interest rate and loan-to-value (LTV), which, when accepted by the borrower, transfers the NFT to an escrow. If the installments are paid in the stipulated time, the borrower gets the NFT back. In case of defaults, the ownership rights are transferred to the lender.

“Collateralization is a natural progression for any asset class, and NFTs will certainly be the most desired assets in the upcoming time,." said Yash Jejani, co-founder of Strip Finance. “Trades worth billions of dollars in the NFT markets have created a liquidity challenge. For the overall system to become robust, there is a need for a platform like ours that brings capital efficiency and unlocks tremendous value.."

The advisery includes Siddharth Menon, chief operating officer of WazirX, Jaynti Kanani, CEO of Polygon, Tamar Menteshashvili, ecosystem and growth at Solana and Yida Gao, GP at Shima Capital.

Varun Satyam, co-founder of Strip Finance, said, “NFTs are becoming the default method of claiming ownership in the digital world and this is just the tip of the iceberg. The possibilities for us are immense as we build the financial layer for the metaverse.."

Strip Finance recently closed a $1.5 million funding round from Old Fashion Research, Nothing Research, Tenzor capital, Exnetwork Capital, Valhalla capital, Block0, Shima Capital, Lancer Capital, MEXC Global Exchange, Kryptos Research, The NewField Fund, ZBS Capital, J10M Capital and Wave 7, and others who participated in the round. Also, angel investors such as Tamar Menteshashvili from Solana, Ryan Fang and Marco Robustelli from Ankr, Aditya Nagarsheth from PVPL, Evan Luthra from ELGI, Palash Jain from Frontier and Tushar Aggarwal from Persistence also contributed.

“The NFT borrowing and lending market is an essential part of a mature NFT ecosystem. It provides an optional methodology to evaluate and price an NFT asset and further release the value of the NFT assets. We are excited to back the Strip Finance team and together build a broader NFT ecosystem,." added Ling Zhang, managing partner at Old Fashion Research (OFR), former VP of M&A at Binance.

“Strip Finance is solving a very evident problem in the growing NFT finance space — borrowing and lending your precious NFT's as leverage. As veterans in the crypto space, this team can lead this market very well,." said Siddharth Menon, co-founder and chief operating officer of WazirX.

About Strip Finance:

Strip Finance is building a collateralized NFT borrowing and lending marketplace initially launching on Binance Smart Chain. The platform aims to enhance liquidity in the NFT markets through its offerings.

Website — www.strip.finance

Twitter — twitter.com/StripFinance

Telegram — t.me/stripfinance

Whitepaper — stripfinance.gitbook.io

Announcements — t.me/stripfinanceannounce

Contact — info@strip.finance

News Media Interview Contact
Name: Michael Shuler
Group: Blockchain Wire
Dateline: Easton, CT United States
Direct Phone: 310.403.8840
Jump To Blockchain Wire Jump To Blockchain Wire
Contact Click to Contact
Other experts on these topics
No records found.