As of late, it has been successful in securing an investment of $8 million in the platform known as Astaria, which facilitates the loan of non-fungible tokens (NFTs).
True Ventures, Arrington Capital, Ethereal Ventures, Wintermute, Genesis Trading, LedgerPrime, Hypersphere Ventures, and The LAO were among the investors that participated in this round of funding. The company that owns both Genesis and Digital Currency Group is called Digital Currency Group, and this is the parent company of CoinDesk.
Customers of Astaria can quickly get cash by using their NFTs as collateral in any one of several different transactions. According to Justin Bram, CEO and co-founder of Astaria, NFT owners who wish to create passive income from their digital assets may do so by utilizing Astaria. This is something that NFT owners may accomplish. This concept has earned Astaria’s stamp of approval, she says.
Bram responded to CoinDesk’s inquiry on the current state of NFT markets by stating, “We’re enthused about NFTs and adding actual assets in the future.” In the next three to five years, beyond art-based and profile image offers, there is anticipated to be a significant expansion in the availability of non-fungible tokens.
Users of the Astaria platform can borrow ether using their own NFTs if they pledge those NFTs as collateral (ETH). Joseph Delong, a former employee of ConsenSys and the person who managed the decentralized finance (Defi) protocol Sushi, is one of the co-founders of Astaria and serves as the company’s Chief Technology Officer. The year 2011 marked the beginning of Delong’s involvement in the cryptocurrency business. As a consequence of this, he thinks that the company will soon be able to provide loans denominated in other cryptocurrencies by joining a large number of new blockchains.
It is anticipated that the general public will be able to buy Ethereum within the next three to five years. This timeline was derived from current projections. As of the right moment, we do not have any notion of who the additional layer 1s are (blockchains). When pressed by Bram about the rise in the number of transactions that include many chains, they admit that they do not know which layer 2s, also known as companion systems, would be successful.
This year, businesses that enable peer-to-peer lending, such as NFTfi and Arcade, have contributed to the expansion of the market for services related to NFT lending. To facilitate a more rapid flow of commerce, Astaria will, for the very first time in history, do away with the need for both parties to sign off on a transaction.
Bram is positive that the current eight-person Astaria team will expand as a direct consequence of the fundraising campaign that is being undertaken. Bram thinks that the earliest that he will be able to make the platform available to the general public is in September.
