Brine Fi, a Dubai-Based Trading Platform Created by University Friends, Raises a $16.5 Million Funding Round
In 2021, a Dubai-based company Brine Fi was established by university buddies Bhavesh Praveen, Ritumbhara Bhatnagar, and Shaaran Lakshminarayanan, with a clear-cut mission: to offer traders and institutions an exceptional DEX experience. Their team also includes former executives from well-known organizations like CoinBase, PayPal, Venmo, Flipkart, Harvard, and MIT.
Revolutionizing the world of decentralized finance, Brine Fi has successfully concluded its series A funding round, raising a total of $16.5 million.
Leading this funding effort was Pantera Capital, an American hedge fund renowned for its focus on cryptocurrencies, and known for its previous investments in Few and Far and Pinata. Notably, this round also saw participation from Elevation Capital, Starkware Ltd, Spartan Group, Goodwater Capital, Upsparks Ventures, Protofund Ventures, as well as contributions from angel investors.
This accomplishment has propelled the company's valuation to $100 million.
In light of this significant achievement, Shaaran Lakshminarayanan, one of the co-founders and the CEO of Brine Fi, took the opportunity to engage with Akansha Dimri from TFN in a discussion about the crypto trading platform and decentralized exchange that the company offers.
On the investment, Paul Veradittakit, Managing Partner at Pantera Capital commented: “Brine tackles some of the most important challenges holding back institutional and mainstream user adoption in DeFi. There’s an urgent demand for a self-custodial execution layer that is faster, more reliable, user-friendly, and cost-effective.”
Brine Fi employs zkP (Zero Knowledge Proofs) technology, developed by StarkWare, to guarantee privacy when trading positions, enabling smooth execution of high-volume orders. Traders benefit from fee-less trading, with costs as minimal as 0.05%. Furthermore, users have the opportunity to receive rebates of up to 50% on referral trading fees at Brine Fi and can engage in the monthly Trading Leaderboard competition for USDC rewards.
Despite its recent introduction, Brine Fi's order book platform has achieved monthly trading volumes nearing £300 million, solidifying its position as the foremost Decentralized Exchange (DEX) globally.