NFT Lending Protocol Pine Raises $3M in Private Round Co-led by Amber Group and Sparkle Ventures

Pine Protocol, a NFT-backed lending protocol, announced it has raised $3m in a private round co-led by Amber Group and Sparkle Ventures, with participation from Shima Capital, Spartan Capital, The LAO and others.

Pine Protocol allows users to borrow cryptocurrencies using NFTs as collateral. The protocol plans to launch the full version of its platform, with a series of NFT-fi features such as Bid Now, Pay Later, which allows users to bid on NFTs on OpenSea. In addition, Pine Protocol plans to launch its token $PINE in Q1 next year.