Brine Fi, a decentralized exchange, received $16.5 million in a Series A fundraising round headed by Pantera Capital at a valuation of $100 million. According to a release, the round also included participation from Elevation Capital, StarkWare, Spartan Group, Goodwater Capital, Upsparks Ventures, and Protofund Ventures.
StarkWare-Backed Brine Fi Raises $16.5 Million in an Investment Round Led by Pantera Capital
To combat frontrunning, when one trader has their order executed first and at a greater price because on-chain transactions are public, Brine Fi also uses zero-knowledge proofs, powered by Ethereum scaling developer StarkWare. According to the company, Brine Fi leverages zk technology to enable anonymity in trading positions, enabling users to make high-volume transactions without being front-run.
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.
Paul Veradittakit, Pantera Capital Managing Partner
Brine Fi Secures Investment at a Time when Venture Capitalists Cannot Get Funding
Despite the fact that venture capital funding for cryptocurrencies declined in August for the fourth consecutive month, Brine Fi has received investment. Last month, venture capital funding for cryptocurrency firms reached a low of less than $500 million, which hasn’t been seen in more than two years. According to The Block’s data dashboard, DEX trade volume has also been having trouble, decreasing for three months in a row to $22 billion in August.
About Brine Fi
A non-custodial, decentralized order book, Brine Fi is powered by the Ethereum scaling solution StarkWare and provides privacy for trading positions through so-called zero-knowledge proofs. Thus, traders are free to place huge orders without worrying about leading or frightening others.
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