Decentralized Exchange Brine Finance Raises $16.5M in Investment Round Led by Pantera Capital
Brine Finance, a book-based decentralized exchange (DEX) has closed a $16.5 million funding round with Pantera Capital as the lead investor, at a $100 million valuation.
Elevation Capital, Starware Ltd, Spartan Group, Goodwater Capital, Up sparks Ventures and Deepthrough Ventures also contributed to the funding.
Deployed on StarkEx, Brine Finance makes use of the StarkNet L2 network’s zero-knowledge proof based cryptographic mechanism, ZK-STARK to ensure the confidentiality of trading positions.
Paul Veradittakit, Managing Partner of Pantera Capital remarked:
“Brine Finance addresses some of the most critical issues holding back DeFi adoption. There is a need for a level of self-service execution that is faster, more reliable, easier to use and cost-effective.”
Launched in May 2023, the platform has achieved a 7-day trading volume of $3.26 million with $577,000 Total Value Locked (TVL).
This period marks the lowest turnover on cryptocurrency exchanges recorded since the fourth quarter of 2020, according to a Kaiko report.
