Pantera Capital Leads $16.5 Million Investment into Brine Fi DEX

Brine Fi, a UAE-based decentralised exchange, has raised $16.5 million at a valuation of $100 million.  The round was led by Pantera Capital, with participation from Elevation Capital, StarkWare Ltd, Spartan Group, Goodwater Capital, Upsparks Ventures, Protofund Ventures, and multiple angel investors.  With venture financing drying up for digital asset companies, this new funding is quite significant.

In a world full of DEXs, what makes Brine Fi stand out?

Brine Fi is a non-custodial, decentralised orderbook spot DEX that uses the Ethereum scaling system StarkWare to overcome the problems that cryptocurrency traders typically face. Using zero-knowledge proofs, it is designed to protect traders’ privacy when transacting.

Frontrunning is a widespread problem with DEXs, and Brine Fi says it uses zk proofs to address this. With frontrunning, when a user places a large order on a DEX, that information is visible to everyone, and anyone can use it to get an unfair advantage by getting their order executed first at a better price, potentially resulting in the original order not being executed.

Brine Fi empowers traders to confidently make large orders without fear of being front-run or scaring off other investors. Fast trade execution is another strength of the platform. Users can also trade without using any petrol and pay a minimal 0.05% trading fee. Brine Fi users can earn a refund of up to 50% of their referrals’ trading charge. In addition, the top traders on Brine Fi can now earn USDC prizes on a monthly basis thanks to the Trading Leaderboard.

Since the FTX rundown, many investors have grown cold feet towards centralised exchanges (CEXs). Traders looking to secure their cryptocurrency holdings flocked to decentralised exchanges (DEXs) as a result.

Brine Fi is confident that it can attract a wide range of investors, citing among its clients the growing number of hedge funds interested in the digital assets industry. The company is off to a good start, ranking in the top 10 DEXs globally after its first month of commercial trading and processing $300 million in trades.