BRITISH VIRGIN ISLANDS, Nov. 10, 2021 (GLOBE NEWSWIRE) -- (via Blockchain Wire) -- Recently crowned #1 launchpad by average ROI, Starter (https://starter.xyz), today announced it will host the Initial Dex Offering (IDO) of StripFinance (https://www.strip.finance/), a decentralized platform protocol for easing liquidity in the NFT space.
As the Non-fungible token (NFT) space continues to vastly expand on the blockchain, hundreds of thousands of creators and enthusiasts interact daily, creating millions of dollars in value within the NFT space. The growing transfer and value of NFTs has created a liquidity challenge in the market that will be solved by StripFinance. The protocol will allow users to provide loans against the value of NFTs as collateral and unlock millions of liquidity currently locked away in ‘Blue Chip NFTs.’
“StripFinance will be offering something we have yet to see normalized in the NFT space: NFT collateralization. Their DeFi protocol will add another staple to NFT utility by allowing lenders and borrowers to use NFTs to conduct transactions and provide additional utility, “said Lionel Iruk, special counsel at Starter. “It’s great to be a part of StripFinance’s process to see how the protocol will further push the boundaries of the blockchain!”
Within the DeFi protocol, lenders will be able to provide stable coins as liquidity, matching lenders to borrowers who are interested to borrow against their valuable NFTs. The lenders will have control over the interest rate and the Loan-To-Value (LVT) they are willing to offer borrowers.
The value of the collateralized NFT will be directly retrieved from the NFT Marketplace, creating a fair and transparent collateralization process. Once accepted, the NFT will be transferred and held in escrow. If the installments are paid within the timeframe, the NFT will be returned to the original owner. However, If there is a default, the ownership rights are transferred to the lender.
Additionally, users will have the option to opt for a pool, where investor and lender funds and NFTs will be pooled and create a stronger collateral and better security for all parties involved.
StripFinance is founded by veterans of the industry including Varun Satyam, Yuvraj Chhibber and Yash Jejani. So far, the protocol has recently completed a $1.5 million raise so far from LD Capital, Old Fashion Research, Nothing Research, Tenzor capital, Exnetwork Capital, Valhalla capital, Block0, Shima Capital, Lancer Capital, MEXC Global Exchange, Kryptos Research, The NewField Fund, ZBS Capital, Starter Capital, J10M Capital, Wave 7, among others.
During the Initial Dex Announcement (IDO), $STRIP tokens will be made available for purchase at $0.40 USD. The tokens will offer additional leverage value in the event of the NFT price reduction into the risk threshold. Additionally, $STRIP will function as a native platform utility token to pay fees for other platform services and will be considered within the project governance regarding decisions for project updates, airdrops, burn schedules and developer and community grants.
Starter’s community has provided hassle-free funding to many well-known IDO launches and now adds StripFinance to its list. For more information on Starter’s IDO launch of StripFinance, please visit https://starter.xyz/.
About StripFinance
Strip Finance is building liquidity easing solutions for the NFT space, initially launching a collateralized NFT borrowing and lending platform on Binance Smart Chain. The platform’s ability to collateralize NFTs through its liquidity protocol enhances the value proposition for both asset owners and yield-seeking investors.
The idea was conceptualized in response to the global explosion of interest in digital ownership by a team that comprises experienced crypto entrepreneurs, operators, and stalwarts of the crypto industry as advisors and investors.
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About Starter
Starter (https://starter.xyz) is the leading IDO launchpad, incubator, and investor network for @0xPolygon, $ETH, $AVAX, $FTM, and #BSC, having raised over $25M for 40+ projects, including Cake Monster, Wall St Bets, Nasdex, and Enjinstarter. Starter provides projects access to funding opportunities without the hassle of bureaucratic hurdles or complex KYC requirements. Starter’s suite of products include a venture arm Starter.capital, launchpad Starter.xyz, and token vesting and liquidity locking StartVesting.xyz.
