Brine Fi, a decentralized cryptocurrency exchange (DEX), has raised $16.5 million in a Series A fundraising round led by Pantera Capital, valued at $100 million.
Elevation Capital, Starkware, Spartan Group, Goodwater Capital, Upsparks Ventures, Protofund Ventures, and other angel investors also took part in the round, according to a statement from Brine Fi. The business did not clarify how the new funds will be used, though.
“… with Brine Fi we make it easy for institutions, centralised exchanges, HFT traders and retail users to reduce their counterparty risk and at the same time get the best price for their orders in the industry,” said Brine Fi cofounder and CEO Shaaran Lakshminarayanan.
Chiming in, Pantera Capital managing partner Paul Veradittakit said, “Brine tackles some of the most important challenges holding back institutional and mainstream user adoption in DeFi. There’s an urgent demand for a self-custodial execution layer that is faster, more reliable, user-friendly, and cost-effective.”
Lakshminarayanan, Ritumbhara Bhatnagar, and Bhavesh Praveen founded Brine Fi in 2021; it is a decentralized cryptocurrency exchange geared toward businesses and high-frequency traders. The platform makes use of StarkWare’s zkP (Zero Knowledge Proofs) technology, enabling anonymity on cryptocurrency trading positions (preventing frontrunning).
The fundraising effort takes place just weeks after Brine Fi launched its orderbook platform, which the business claims processes $300 Mn in monthly volumes and is among the top 10 DEXs globally.
About Brine Fi
Brine Fi maintain a track of your portfolio, improve P&L analysis, and trade like a pro with no gas costs. Switching from your CEX to Brine is made simpler by being an orderbook DEX.