A creditor of now-bankrupt crypto alternate FTX has pledged a declare as collateral for a mortgage in decentralized finance (DeFi) protocol Arcade. The transaction was the primary on-chain mortgage backed by an FTX declare, in keeping with chapter claims platform Discovered.
The $31,307 declare was tokenized and its possession was represented by a non-fungible token (NFT). On June 23, the NFT was used as collateral for a $7,500 mortgage to be repaid in 5 days. Within the occasion of default, the lender is entitled to the declare.
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