Decentralized exchange Brine Fi raises $16.5M in Series A funding, hits $100M valuation
The round is led by Pantera Capital with participation from Elevation Capital, Starkware Ltd, Spartan Group, Goodwater Capital, Upsparks Ventures, Protofund Ventures, and angel investors.
Brine Fi, a crypto trading execution platform, has raised $16.5 million led by Pantera Capital at $100 million valuation.
The Series A funding round also saw participation from Elevation Capital, Starkware Ltd, Spartan Group, Goodwater Capital, Upsparks Ventures, Protofund Ventures, and angel investors.
It recently launched its order book platform recently and claimed to be recording monthly volumes of $300 million, which puts it as a top-ranked DEX globally.
Founded by university friends Shaaran Lakshminarayanan (CEO), Bhavesh Praveen (CTO), and Ritumbhara Bhatnagar (CDO),is an order book spot decentralised exchange (DEX)which aims to address the shortcomings being faced by crypto traders when trading.
It also solves issues prevailing in DEXs like frontrunning. Here, when a user places an order of a huge value on a DEX, it is public information and can be used by anyone to get their order executed first at a better price. This might lead to the previous order not being executed.
To tackle this issue, Brine Fi makes use of zkP (Zero Knowledge Proofs) technology which enables privacy on trading positions so that traders can get their high-volume orders executed with ease.
“Having built one of the largest crypto exchanges previously, we have had to diversify user assets constantly in multiple exchanges and venues to reduce asset loss risk due to troubled exchanges/parties, 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,” stated Lakshminarayanan.
“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,” added Paul Veradittakit, Managing Partner at Pantera Capital.
“We are excited to continue to invest in Brine, in their mission of abstracting complexities of blockchain technology and making it more accessible to end users and institutions,” said Vaas Bhaskar, Principal at Elevation Capital.
Edited by Kanishk Singh