Crypto.com Capital, the investment arm of digital asset services provider, Crypto.com recently led the $12 million funding round of IQ Protocol, a decentralized money market for digital asset renting and on-chain subscriptions.
The investment round, which saw participation from leading investors, like Republic Capital, Kronos Research, Genblock Capital, Axia8, GSR and Genesis Block Ventures, will facilitate IQ Protocol in the transformation of NFT markets.
Global interest in non-fungible tokens has increased substantially since the start of 2021. With record trading volumes, NFT platforms witnessed a surge in the adoption among retail and institutional clients.
According to IQ Labs, the company is planning to use the funds for the expansion of its operations. It aims to provide innovative technology-driven solutions for the lending and renting of NFTs.
“IQ Protocol’s wrapped expirable versions of digital assets are an innovative solution that enables collateral-less utility loans. We’re proud to co-lead IQ Protocol’s latest fundraising round and help pioneer new products alongside them,” Bobby Bao, the Managing Director of Crypto.com Capital, said.
Partnerships
In addition, IQ Labs highlighted the company’s recent collaborations with some of the prominent blockchain companies. In the past few months, the firm established working relationships with PARSIQ, TomoChain, Mogul Productions, Autonio, Mysterium, Radom Network, Sator, GEMS, DeNet and SolDrinks. Furthermore, it has formed partnerships with GameFi projects, including Nyan Heroes, Chain Myth, Battle Saga, Solcery, Space Sip and Zone of Avoidance.
Commenting on the potential impact of IQ Protocol, Brian Johnson, the Head of Crypto Strategy at Republic Capital, said: “IQ Protocol is a game-changer for digital asset space by creating a subscription and ‘rent-to-own’ model to NFTs. At Republic Capital, we are very excited for what this means for the ecosystem.”
Earlier this year, Crypto.com Capital announced the appointment of Jon Russell, one of the well-known technology journalists, as the fund’s newest partner.
