July 21, 2024
Decentralized Exchange Brine Fi Gains Traction with $16.5 Million Investment from Leading Capital Firms
Latest Cryptocurrency News

Decentralized Exchange Brine Fi Gains Traction with $16.5 Million Investment from Leading Capital Firms

In a funding round headed by Pantera Capital, decentralized exchange (DEX) Brine Fi secured $16.5 million at an estimated value of $100 million, the business announced in a news release on Thursday.

Participants in the fundraising round included Elevation Capital, StarkWare Ltd., Spartan Group, Goodwater Capital, Upsparks Ventures, and Protofund Ventures.

The new money is noteworthy given that venture finance for companies dealing in digital assets has mostly dried up; according to Crunchbase’s July report, investment in blockchain and cryptocurrency startups fell by 76% in Q2 2023 compared to the same quarter in 2022.

Trading volumes have also plummeted to multi-year lows during the summer as the crypto bear market has moved into the apathy stage thanks to a lack of catalysts to attract investors. After enjoying a brief increase in the spring of this year, volumes on DEXs have since sharply dropped and averaged just above $1 billion per day recently, according to DefiLlama data. Most of the trading volume is still concentrated on centralized platforms such as Binance and Coinbase, which execute nearly $11 billion in daily trading volume, as data from The Block shows.

Brine Fi is a non-custodial, decentralized orderbook that offers privacy for trading positions through so-called zero-knowledge proofs and is powered by the StarkWare Ethereum scaling system. Thus, traders can place huge orders without being concerned about leading or frightening others. Additionally, the platform boasts quick trade execution. A $3 million to $4 million daily volume of trading was recently conducted since it was opened to traders in May.

Image: Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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