NEW YORK--(BUSINESS WIRE)--Bridgesplit, the first non-fungible token (NFT) financialization platform built on the Solana blockchain, today announced a $4.5 million seed round led by CoinFund and Jump Capital. The raise also saw participation from Solana Labs, Coinbase Ventures, and Rucker Park Capital, among others in addition to an impressive roster of angels including Anthony Pompliano, Packy McCormick, and Joe Montana.
Today, $20 billion worth of NFTs live on Solana and Ethereum. However, this explosive growth still has low liquidity and minimal asset productivity. While the decentralized finance (DeFi) ecosystem has solved similar challenges with fungible assets through innovations in exchanges, lending and derivatives, these innovations have yet to penetrate the NFT ecosystem due to the complexities in scaling their financial infrastructure. As a result, billions of dollars of value sit in wallets as siloed and unused capital.
“As NFT use cases expand beyond collectibles, liquidity and high asset productivity becomes imperative to their growth and evolution. Bridgesplit is building the core infrastructure to solve these needs and help unlock the true potential of NFTs," said Saurabh Sharma, Partner at Jump Capital.
Bridgesplit aims to address the challenges of low liquidity and inefficient capital allocation by providing the first scalable infrastructure layer that creates interoperability between NFTs and DeFi.
“The last year has illustrated NFTs’ powerful appeal. NFTs and the scalability of Solana are critical pieces in bringing a billion users to web3,” Bridgesplit co-founder Mary Gooneratne said.
Bridgesplit’s vision is to allow NFT holders and participants to earn productive yield on their NFTs. The core products that enable this are the creation and trading of NFT derivatives, like indexes and floor perpetuals, and NFT-collateralized lending. Their first product, NFT fractionalization, has already been home to some of the highest value assets on Solana, has bridged ethereum NFTs, and enabled significant liquidity for large NFT holders.
“The path to the next phase of web3 is paved by integrating the off-chain economy, from in-game assets to traditional financial markets with on-chain equivalents as NFTs,” said Luke Truitt, co-founder of Bridgesplit. “Bridgesplit is the base financial layer for cross-chain NFTs, providing the composability and liquidity needed for the economy of the future.”
The funds raised will be used to build out the engineering and community teams, along with progressing product development and relationships with different protocols across Solana, Ethereum L2s, and more. Bridgesplit’s fractionalization alpha is currently live on Solana mainnet.
“CoinFund’s NFT investment thesis views NFTs as a financial technology for uniquely valued goods. While the most visible use cases of NFTs revolve around art, collectibles, and in-game assets, the Birdgesplit team is rapidly advancing the state of the art in this space by launching financialization products which will work on Solana and other blockchains,” said Jake Brukhman, CEO of CoinFund. “CoinFund is extremely proud to support, fund, and actively work with the Bridgesplit team on the next leg of NFT innovation.”
To learn more about Bridgesplit and its upcoming developments, visit: bridgesplit.com. If you’re interested in building the future of NFT finance, please contact the team at careers@bridgesplit.com. If you are a protocol or are building with NFTs and interested in working with us, please reach out to us on Twitter or team@bridgesplit.com.
About Bridgesplit
Bridgesplit is an NFT yield platform built on Solana. By bridging NFTs and DeFi, Bridgesplit creates capital efficiency in the NFT ecosystem, ushering in new capital, users, and utility to NFTs. The core product enables NFT fractionalization, pooling, index funds, financial derivatives, and NFT-collateralized lending markets. For more information, visit bridgesplit.com.
About CoinFund
CoinFund is a blockchain-focused investment firm founded in 2015 with the goal of shaping the global transition to digital assets and decentralized finance. The firm invests in and supports venture and liquid opportunities within the blockchain sector with a focus on digital assets, decentralization technologies and key enabling infrastructure. The CoinFund team has studied and supported the development of the blockchain space from the inception of the first decentralized networks and brings together more than 30 years of experience in investing, engineering, law, decentralized protocols and the operation of blockchain network infrastructure. For more information, please visit www.coinfund.io.
