MetaStreet Secures $10M to Expand its Product Suite

Liquidity routing and scaling protocol for Non-fungible token (NFT) collateralization MetaStreet announced that it has secured $10 million in a funding round to expand its products. The intended products will help to improve trust, credit, and ownership in the Metaverse especially products that can expedite debt and promote the lending system of NFTs.

In an exclusive interview Conor Moore, one of MetaStreet’s co-founders and its Chief Operating Officer added that the fund will also be utilized in product development, marketing, and hiring. 

Moore also said, “We’re fortunate to be deeply entrenched in NFT finance at such a formative period of time in the lifecycle of the Metaverse, as it allows us to experiment with new innovations that can drive meaningful value to users, nearly instantaneously.”

With this fund, the permissionless NFT financialization platform has brought its total funding in the last year to around $24 million. Previously, MetaStreet raised $3 million in a seed round and another $11 million in a Decentralized Autonomous Organization (DAO) liquidity in February. 

Introducing PowerSweep by MetaStreet

One of its products of interest is an NFT leveraging platform that will scale up and ease out the onboarding of new users. This platform is dubbed PowerSweep powered by MetaStreet Vaults in partnership with open-source NFT marketplace aggregator Reservoir Protocol. The round featured both new and existing investors has supporters.

At present, PowerSweep is in the closed beta phase. Once launched, the NFT leveraging platform will permit users to purchase and sell NFTs on a margin and also extend their debt every 30 days without the risk of liquidation. Eventually, this will help to increase the purchasing power and flexibility of NFT traders.

“PowerSweep is the first in a long line of products we have planned in the pursuit of a singular mission: to rapidly universalize trust, credit, and ownership in the Metaverse,” said David Choi, another co-founder, and CEO of MetaStreet.

The existing investors included Dragonfly Capital, Nascent and Ethereal Ventures. Altogether, they were joined by new investors including Fintech Collective, DCG, TheLAO, Focus Labs, Mirana Ventures, Metaversal, Opensea Ventures, Ledgerprime, Meta4, and Flying Falcon. 

Gradually, the use cases of NFTs are increasing within and across the crypto ecosystem. Recently, legendary beer brand Budweiser together with football giant FIFA launched an NFT collection for the upcoming FIFA World Cup. The NFT collection was dubbed Budeverse X FIFA World Cup.