Pantera Capital leads $16.5 million investment round for Brine Finance, a DEX

A decentralized exchange (DEX) built on an order-book Brine Finance closed a funding round of $16.5 million at a valuation of $100 million.

Decentralized orderbook @BrineFinance, powered by zero-knowledge proof tech, has raised $16.5 million in an investment round led by @PanteraCapital, valuing the platform at $100 million. @sndr_krisztian reportshttps://t.co/yI5nAFI9Cu

— CoinDesk (@CoinDesk) September 7, 2023

Its funding round was led by Pantera Capital.

The funds were also provided by Elevation Capital, Starware Ltd, Spartan Group, Goodwater Capital, Up Sparks Ventures and Deepthrough Ventures.

Brine Finance is deployed on StarkEx within the L2-network StarkNet. At the core of the latter lies the cryptographic mechanism ZK-STARK, one of the types of zero-knowledge proofs.

This technology provides confidentiality for trading positions.

“Brine Finance addresses some of the most important problems hindering DeFi adoption. There is a need for an execution level that would be faster, more reliable, easier to use and more cost-efficient,” said Pantera Capital managing partner Paul Veradittakit.

Brine Finance launched in May 2023. The platform’s daily trading volume (7DMA) reached $3.26 million, TVL — $577,000.

As Kaiko notes, total turnover on cryptocurrency exchanges for April–June fell to a multi-quarter low, according to Kaiko.