- Pantera Capital spearheaded the funding round, with involvement from Elevation Capital, Starkware, Spartan Group, Goodwater Capital, and more.
- Established in 2021 by Shaaran Lakshminarayanan, Ritumbhara Bhatnagar, and Bhavesh Praveen, Brine Fi caters to institutional and high-frequency traders within the DEX realm.
- This capital infusion aligns with the growing preference for decentralized crypto exchanges, spurred by the FTX collapse aftermath.
Brine Fi, the decentralized crypto exchange (DEX), has just achieved a significant milestone by securing $16.5 million in its Series A funding round, valuing the company at $100 million. Leading this funding round is Pantera Capital, with strong participation from Elevation Capital, Starkware, Spartan Group, Goodwater Capital, Upsparks Ventures, Protofund Ventures, and several other prominent angel investors. In a recent statement, Brine Fi did not divulge specific deployment plans for these fresh funds.
Shaaran Lakshminarayanan, the co-founder and CEO of Brine Fi, confidently stated, “With Brine Fi, we simplify the process for institutions, centralized exchanges, HFT traders, and retail users to mitigate their counterparty risk while securing the best industry prices for their orders.”
Paul Veradittakit, Managing Partner at Pantera Capital, added his endorsement, noting, “Brine is addressing critical challenges hindering the adoption of DeFi by institutions and mainstream users. There’s a pressing demand for a self-custodial execution layer that is faster, more reliable, user-friendly, and cost-effective.”
Brine Fi, founded in 2021 by Lakshminarayanan, Ritumbhara Bhatnagar, and Bhavesh Praveen, stands out as a decentralized crypto exchange geared towards institutions and high-frequency traders. The platform leverages StarkWare’s zkP (Zero Knowledge Proofs) technology, ensuring privacy in crypto trading positions and preventing frontrunning. Moreover, it claims to enable lightning-fast order execution while maintaining a fully non-custodial approach. Brine Fi proudly reports onboarding some of the world’s largest hedge funds, exchanges, and high-frequency traders within the crypto sphere.
This successful funding round follows the recent launch of Brine Fi’s orderbook platform, which has rapidly gained traction, processing monthly volumes of $300 million and securing a spot among the top 10 DEXs globally.
This fundraising achievement comes at a crucial juncture when centralized crypto exchanges have faced scrutiny in the aftermath of the FTX collapse. Consequently, many traders have shifted their focus towards DEXs in pursuit of portfolio security. Brine Fi is strategically positioned to capture the growing decentralized exchange market, which grapples with issues such as a cumbersome user interface, frontrunning, and limited support.
Amid this landscape, the crypto ecosystem contends with regulatory challenges and cautious investors, triggered by crypto exchange collapses and rising concerns of money laundering via cryptocurrencies. In India, while the government pushes for a global regulatory framework for cryptocurrencies, homegrown crypto startups are navigating a challenging funding environment and adverse market conditions. Recent layoffs at crypto exchanges CoinDCX and CoinSwitch are indicative of these challenges. Furthermore, with Sequoia Capital’s significant reduction in its crypto fund, other players are emerging to capitalize on the thriving web3 economy.
As the crypto ecosystem continues to evolve, Brine Fi’s successful fundraising serves as a beacon of hope for a space that has been entangled in controversies of late.