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PleasrDAO Uses NFTs as Collateral for $3.5 Million Loan
Summary: PleasrDAO, an investment collective that’s spent the past few months snapping up multimillion-dollar NFTs, is putting its crypto assets to work as collateral for a $3.5 million loan. The loan came from the Iron Bank, a crypto lending service. The Iron Bank is designed specifically for undercollateralized loans, which is to say, it hands out ...
PleasrDAO, an investment collective that’s spent the past few months snapping up multimillion-dollar NFTs, is putting its crypto assets to work as collateral for a $3.5 million loan.
The loan came from the Iron Bank, a crypto lending service. The Iron Bank is designed specifically for undercollateralized loans, which is to say, it hands out crypto to people without them having to prove they have the funds to pay it all back. PleasrDAO put up four of its priciest non-fungible tokens (NFTs), and paid around $8 million for the four pieces.
By Amy Liu
Tags: collateral,loan,NFTs,PleasrDAO
Link: PleasrDAO Uses NFTs as Collateral for $3.5 Million Loan [Copy]
