Order book-based decentralized exchange (DEX) Brine Finance closed a $16.5M funding round at a $100M valuation.
Decentralized order book @BrineFinancepowered by zero-knowledge proof tech, has raised $16.5 million in an investment round led by @PanteraCapitalvaluing the platform at $100 million. @sndr_krisztian reportshttps://t.co/yI5nAFI9Cu
— CoinDesk (@CoinDesk) September 7, 2023
It was led by Pantera Capital.
Funding was also provided by Elevation Capital, Starware Ltd, Spartan Group, Goodwater Capital, Up sparks Ventures and Deepthrough Ventures.
Brine Finance is deployed in StarkEx as part of the StarkNet L2 network. The latter is based on the ZK-STARK cryptographic mechanism, one of the types of zero-knowledge proofs.
This technology ensures the confidentiality of trading positions.
“Brine Finance addresses some of the most important issues holding back DeFi adoption. There is a need for a do-it-yourself implementation layer that is faster, more reliable, more user-friendly, and more cost effective.” — said the managing partner of Pantera Capital Paul Veradittakit.
Brine Finance was launched in May 2023. Daily trading volume on the platform (7DMA) reached $3.26 million, TVL — $577,000.
Recall that the total turnover on cryptocurrency exchanges in April-June fell to a minimum since the fourth quarter of 2020, according to Kaiko.
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