Cyan, the Buy Now, Pay Later (BNPL) service for the metaverse, announced today it has raised $2M in a seed round of funding led by gumi Cryptos Capital (gCC) and Animoca Brands.
OpenSea, Fabric Ventures, Bastion Trading, and angels from The Sandbox and YGG also participated in the round.
Cyan’s Buy Now, Pay Later service allows consumers to make purchases and pay for them in the future, allowing users to finance purchases, re-collateralize their NFTs, and offer capital providers a way to stake into Vaults to earn a yield on financing metaverse assets.
The company is founded by Mikio Crosby, a long-time participant in cryptocurrency markets and experienced in building web applications. Through his journey in buying a Bored Ape last year, he thought of the idea to use the target NFT as collateral for an installment plan.
He comments, “Leverage in NFTs, and in the broader Metaverse, is quite limited right now. I wanted to build a service which makes NFTs affordable for everyone.”
Users are able to buy NFTs now and pay them over a three-month period. The most prominent and well-established collections are available, including Bored Ape Yacht Club, Cool Cats, VeeFriends, World of Women, and more.
Yat Siu, co-founder and executive chairman of Animoca Brands comments: “We believe that NFTs are essential to the future of the web and digital property rights. Cyan is one of the early players in the nascent field of the financialization of digital assets, and we see significant potential in its target market.”
“The financialization of NFTs is a critical next step in the progression of this asset class. Cyan provides a core piece of composable infrastructure needed in this market allowing for BNPL (effectively options) and NFT-backed loans, as well as novel yield vaults for financing these activities,” said Evan Mair, Principal at gCC.
Cyan plans to add more Vault categories, integrate multiple blockchains including Solana, and deploy other unique features that do not yet exist in NFT financing.
Cyan, the Buy Now, Pay Later service for the metaverse, is the first protocol to provide financing options for purchasing NFTs. The protocol also provides re-collateralized loans on NFTs and Vaults for capital providers to earn a yield on financing these assets. To start, users can purchase Blue Chip NFTs over a three-month period in four equal installments, which will later expand into longer terms, more categories including digital land, and other projects within the metaverse. For more information please visit https://www.usecyan.com/
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