Brine Fi, a crypto trading execution platform provider, raised $16.5M in Series A funding.
The round was led by Pantera Capital with participation from Elevation Capital, Starkware Ltd, Spartan Group, Goodwater Capital, Upsparks Ventures, Protofund Ventures and angel investors.
The company intends to use the funds to expand operations and its business reach.
Founded by university friends Bhavesh Praveen, Ritumbhara Bhatnagar and Shaaran Lakshminarayanan, Brine.Fi is a provider of a decentralised exchange for institutions and high frequency traders. It is an orderbook spot DEX addressing the shortcomings being faced by crypto traders when trading. A DEX allows users to trade on-chain i.e. traders can get their orders executed on the blockchain and hold full custody of their assets with them while placing these trades. While they are the safest way to trade, many traders opted for a CEX to counter higher trading fees on DEXs, price slippage, transaction fees ($5-25 per transaction), liquidity issues, the absence of an orderbook, transaction delays and an inability to provide privacy on orders causing frontrunning attacks.
Brine Fi is able to execute orders in milliseconds while remaining fully non-custodial. This feature has helped them onboard some of the largest hedge-funds, exchanges and high frequency traders in the world by helping them diversify their asset allocation and mitigate counterparty risks. The platform also solves another common issue prevailing in DEXs called frontrunning, wherein a user places an order of a huge value on a DEX, it becomes public to everyone and this information can be used by anyone by getting their order executed first at a better price, which might lead to the previous order not being executed. To tackle this issue, Brine Fi makes use of zkP (Zero Knowledge Proofs) technology, powered by StarkWare, which enables privacy on trading positions, so that traders can get their high volume orders executed with ease. Moreover, users can trade gasless and pay a trading fee as small as 0.05%. They can also claim up to 50% of their referrals’ trading fee as a rebate on Brine Fi. Moreover with the launch of Brine Fi’s Trading Leaderboard, top traders can now claim USDC rewards every month.
FinSMEs
07/09/2023