back Back

ParaSpace launches cross-margin lending protocol for NFT and fungible tokens

By Edlyn Cardoza

December 13, 2022

  • Asset Management
  • Cross-margin Lending Platform
  • Decentralised Lending

ParaSpace, Cross-margin Lending Platform, NFT Lending, Liquidity, Risk Management, Peer-to-Pool Lending System, Asset Management, Ethereum, Web3, Decentralised Lending, USAParaSpace recently launched a first-of-its-kind cross-margin lending platform. With the recent rise in NFT lending and borrowing, users have seen an increased liquidation downtrend spiral; ParaSpace serves as a solution for users in the space.

ParaSpace was founded by Yubo Ruan and backed by Sequoia Capital, CoinBase Ventures, Founders Fund, and others. The platform leverages a cross-margin framework that enables a peer-to-pool lending system that enhances liquidity and capital efficiency. For the first time, users and NFT holders can collateralise multiple assets into one portfolio to lend and borrow against while being able to hedge their risk.

“We believe in a future where NFT assets proliferate with different kinds of utility, applications, and especially the connection to real-world assets. Our vision is to create a decentralized cross-margin lending protocol with support for a wide variety of both fungible and non-fungible assets extending into the real world,” said Yubo Ruan, founder, and CEO of ParaSpace. “For NFT finance to be usable, users need to be able to hedge their risk and have flexibility on what assets they can borrow against and on what terms.”

ParaSpace is a fully decentralised and permissionless protocol built on Ethereum. Currently, the platform supports various fungible tokens, including BTC, ETH, DAI, USDC, and APE, in addition to existing blue-chip NFT collections. To build capital efficiency across the crypto space, ParaSpace plans to support cross-chain lending and borrowing for EVM-compatible or equivalent blockchains in the future.

ParaSpace is hosting an APE Coin Staking Fest to celebrate the platform’s launch to empower Bored Ape NFT and APE holders to hit the maximum returns for staking APE. ParaSpace’s APE Coin Staking Fest will allow users to borrow APE at reduced rates, participate in referral programs, and qualify for their APE airdrop, giving away up to $250,000 worth of APE.

Ultimately, ParaSpace acts as a permissionless and highly customisable infrastructure to solve many unmet needs by efficiently using on-chain capital. ParaSpace seeks to redefine NFT finance to bring web3 and decentralised lending to 1 billion people.

Previous Article

December 13, 2022

Adyen launches in-person payments for businesses in Japan

Read More
Next Article

December 13, 2022

Finclusion announces brand integration to Fin; adds funding to enhance its offerings

Read More

IBSi Daily News Analysis

UK, Bank

July 12, 2024

Asset Management

Global securities lending revenue sees sharp 16% decline to $2.53bn in Q2 2024, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

July 12, 2024

Nuvei and Mastercard team to enable crypto to fiat conversion

Read More

July 12, 2024

Fair4All Finance and ClearScore partner on debt consolidation technology

Read More

July 10, 2024

Islamic FinTech Offa launches buy-to-let finance service

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
Wealth Management & Private Banking Systems Report Q2 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2024