ParaSpace Launches The First Cross-Margin Lending Protocol for NFT and Fungible Tokens

ParaSpace introduced a first-of-its-kind cross-margin lending platform. Users have seen an increased liquidation downtrend spiral with the recent rise in NFT lending and borrowing, and ParaSpace serves as a solution for users in the space.

The platform makes use of a cross-margin framework to enable a peer-to-peer lending system that improves liquidity and capital efficiency. For the first time, users and NFT holders can pool multiple assets into a single portfolio to lend and borrow against while hedging their risk.

ParaSpace intends to support cross-chain lending and borrowing for EVM-compatible or equivalent blockchains in the future to increase capital efficiency across the crypto space.

To commemorate the platform’s launch, ParaSpace is hosting an APE Coin Staking Fest to enable Bored Ape NFT and APE holders to maximise their APE staking returns.

ParaSpace is founded by Yubo Ruan and backed by Sequoia Capital, CoinBase Ventures, Founders Fund and others.