NFTs

In a unique financial transaction, an anonymous user has taken a loan of US$1.1 million (AU$1.7 million) from a stranger via Arcade, a DeFi platform that enables cryptocurrency lending. The loan was noticed by an observer browsing through blockchain records. According to Arcade’s records, the borrower is required to pay an annual interest rate of…

An unidentified cryptocurrency user has made use of an NFT (non-fungible token) as collateral to secure a loan worth $1.1 million from a stranger online. The deal was facilitated on Arcade, a DeFi (decentralized finance) platform that enables cryptocurrency loans. Both the borrower and lender in this transaction are anonymous. The annual percentage rate (APR) of…