Collectors of the now-bankrupt cryptocurrency trade FTX have pledged their claims as collateral for loans on the decentralized finance (DeFi) protocol Arcade. The deal was the primary on-chain mortgage backed by FTX bonds, based on chapter bond platform Discovered.

The $31,307 declare was tokenized and possession was represented by a non-fungible token (NFT). On June 23, NFTs had been used as collateral for a $7,500 mortgage that will likely be repaid inside 5 days. Within the occasion of cost default, the lender is entitled to a declare.

Learn extra on Cointelegraph