Pine strategic partnership with Sharky will co-build a new platform supporting NFT-backed loans on both Ethereum and Solana.

Introduction

Pine provides a comprehensive suite of on-chain tools that enable our customers to use their NFT assets as collateral for loans, as well as to acquire and bid on NFTs, making payments after the transaction, just like a mortgage. We have enabled over $4 million USD in loan transactions and assisted NFT holders in extracting fresh value from their held NFT assets within months of establishing a test platform on the Ethereum mainnet.

Sharky is a major Solana-based NFT-backed lending platform that allows customers to use their Solana-based NFTs as collateral for loans. Sharky has arranged over 200,000 loans for Solana users since its inception. Pine Protocol will collaborate with Sharky to develop a multichain lending platform that will allow NFT loans across several ecosystems in order to deliver robust NFT financial capabilities to each and every NFT community.

Partnership Highlights

Furthermore, they will collaborate closely with the Sharky team on collaborative marketing initiatives. Hope to provide multichain support to their team later this year.

Regarding the partnership, their Pine Head of Product, Alex Ho, commented, “ Partnering with the leading NFT lending platform on Solana affirms that Pine Protocol is receiving a lot of attention across users of different platforms. We’ve seen recently projects such as DeGod expanding across different networks, and through our partnership with Sharky we will work together to pioneer the NFTfi landscape.”

About Pine Protocol

Pine protocol is a two-sided decentralized non-custodial protocol that facilitates NFT asset-backed loan transactions between lenders and borrowers. Pine Protocol is pioneering the NFTfi landscape with an NFT loan infrastructure. That empowers NFT mortgages, margin trades and other credit-related transactions simply with the utilization of idle NFT collectibles.

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About Sharky

Sharky provides user-friendly DeFi for NFTs. To start, users can borrow against their NFTs through decentralized lending. Anyone can make a lending offer on an orderbook for the collection, and the borrower is able to accept the instant loan. Solana, as a technology, enables us to build advanced use cases for NFTs as an asset. Sharky brings DeFi to the masses, as the decentralized bank of NFTs.

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SOURCE

https://medium.com/pine-protocol/pine-protocol-announces-strategic-partnership-with-sharky-df6c36b5799b

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Pine has completed $3M in a private round of Series A funding led by Amber Group and Sparkle Ventures, an investment firm founded by Animoca Brands and The Sandbox founders.

Introduction

Pine Protocol specializes in decentralized and non-custodial NFT-backed loans, where users are able to harness their NFT assets as collateral to borrow cryptocurrencies such as Ethereum (ETH) from lenders.

Pine Protocol’s NFT-loan platform has processed over $3.3M (USD) in loan transactions across over

The vast majority of investors from the protocol’s seed round, which concluded earlier this year, have reaffirmed their support for the project with follow-up investments in this latest round. Shima Capital and Spartan Capital, for example, have joined private round backers Mapleblock, The LAO, and MetaStreet Co-Founder, David Choi, to name a few.

The announcement comes as the company prepares for its upcoming $PINE token IDO (Initial DEX Offering) supported by Impossible Finance, as well as their anticipated platform update, which will power Pine’s NFT-fi application with a slew of innovative financial tools for NFT assets. The Pine Protocol token IDO, as well as the full platform launch, are scheduled for Q1.

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