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Published Jun 24, 2023 03:43PM ET Updated Jun 24, 2023 05:40PM ET

Tokenized FTX claim is used as collateral for a loan

A creditor of now-bankrupted crypto exchange FTX pledged a claim as collateral for a loan in the decentralized finance (DeFi) protocol Arcade. The transaction was the first on-chain loan backed by an FTX claim, according to the bankruptcy claims platform Found.

The $31,307 claim was tokenized, and its ownership was represented by a nonfungible token (NFT). On June 23, the NFT was used as collateral for a $7,500 loan to be repaid in five days. In the event of a payment default, the lender is entitled to the claim.

Continue Reading on Coin Telegraph

Tokenized FTX claim is used as collateral for a loan

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