DEX Brine Fi Secures $16.5 Million Funding from Pantera Capital, Valuing it at $100 Million
In Brief
Brine Fi, a decentralized exchange (DEX), has secured $16.5 million in funding, with Pantera Capital leading the investment round.
The platform, valued at $100 million, stands out by utilizing Zero Knowledge Proofs (zkP) technology powered by StarkWare to address frontrunning concerns, ensuring privacy for high-volume orders and offering minimal trading fees as low as 0.05%.
Brine Fi aims to disrupt the crypto trading landscape currently dominated by centralized platforms.
Decentralized exchange (DEX) Brine Fi has secured $16.5 million in funding, with Pantera Capital leading the investment round. Other participants included Elevation Capital, StarkWare, Spartan Group, Goodwater Capital, Protofund Ventures, Upsparks Ventures, and angel investors.
The non-custodial, privacy-focused trading platform powered by the Ethereum scaling system StarkWare reached a valuation of $100 million.
Brine Fi differentiates itself by addressing frontrunning concerns using Zero Knowledge Proofs (zkP) technology powered by StarkWare, ensuring privacy for high-volume orders. Users can trade without gas fees and enjoy minimal trading fees as low as 0.05%. They can also earn rebates on trading fees from referrals and participate in monthly USDC rewards through Brine Fi’s Trading Leaderboard.
Paul Veradittakit, Managing Partner at Pantera Capital, emphasized the urgency for a self-custodial execution layer that is faster, more reliable, user-friendly, and cost-effective, highlighting the importance of platforms like Brine Fi in overcoming the challenges hindering institutional and mainstream adoption in the DeFi space.
According to CoinDesk, Brine Fi has maintained daily trading volumes of $3 to $4 million. In contrast, the broader crypto market witnesses significant trading concentration on centralized platforms like Binance and Coinbase, with a combined daily trading volume of nearly $11 billion.
DEXs allow users to trade directly on the blockchain while maintaining custody of their assets, offering enhanced security. However, many traders prefer centralized exchanges (CEXs) due to issues with DEXs, such as high trading fees, price slippage, transaction costs, liquidity problems, the absence of an orderbook, delays, and a lack of privacy, which can lead to frontrunning attacks, impacting profits and trade certainty.
Brine Fi’s fundraising comes at a crucial time for the cryptocurrency industry, as venture capital investment in digital asset firms has significantly decreased, and trading volumes on DEXs have experienced a downturn amidst the crypto bear market.
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About The Author
Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on agnec@mpost.io.
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Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on agnec@mpost.io.
