Decentralized cryptocurrency exchange, Brine Fi, has secured $16.5 million in its Series A funding round, with Pantera Capital leading the investment, valuing the company at $100 million. Other participants in the funding round include Elevation Capital, Starkware, Spartan Group, Goodwater Capital, Upsparks Ventures, Protofund Ventures, and various angel investors, as confirmed by Brine Fi.
Although Brine Fi did not specify the exact allocation of the funds, CEO Shaaran Lakshminarayanan emphasized the platform’s role in reducing counterparty risk and providing competitive order execution for institutions, high-frequency traders, and retail users.
Pantera Capital’s Managing Partner, Paul Veradittakit, commended Brine Fi for addressing critical challenges hindering DeFi’s institutional and mainstream adoption. He highlighted the need for a self-custodial execution layer that is faster, more reliable, user-friendly, and cost-effective.
Founded in 2021 by Lakshminarayanan, Ritumbhara Bhatnagar, and Bhavesh Praveen, Brine Fi specializes in decentralized cryptocurrency exchange services targeted at institutions and high-frequency traders. The platform leverages StarkWare’s zkP (Zero Knowledge Proofs) technology to ensure privacy in crypto trading, preventing frontrunning. Brine Fi also claims to offer millisecond order execution while remaining fully non-custodial. The platform reports onboarding some of the world’s largest hedge funds, exchanges, and high-frequency traders in the crypto space.
This fundraising effort follows Brine Fi’s recent launch of its orderbook platform, which is processing monthly volumes of $300 million and is ranked among the top 10 decentralized exchanges globally. It comes at a time when centralized crypto exchanges face increased scrutiny following the FTX collapse, prompting traders to seek refuge in DEXs. Brine Fi aims to capitalize on the growing decentralized exchange market, which has faced challenges such as a cumbersome user interface, frontrunning, and limited support.
In the broader crypto landscape, regulatory concerns and investor caution have led to decreased crypto volumes, especially amid rising cases of crypto-related money laundering. Indian crypto startups, in particular, have faced funding challenges and adverse market conditions, with some having to downsize their workforce. Nevertheless, Brine Fi’s successful fundraising provides a glimmer of hope in a crypto ecosystem that has recently been marred by controversies.