Decentralized Exchange Brine Fi Raises $16.5 Million Led by Pantera Capital

Decentralized exchange Brine Fi has raised $16.5 million at a valuation of $100 million in an investment round led by Pantera Capital, with participation from Elevation Capital, StarkWare Ltd, Spartan Group, Goodwater Capital, Upsparks Ventures, Protofund Ventures, and others.

Brine Fi, powered by the Ethereum scaling system StarkWare, is a non-custodial, decentralized order book that allows privacy for trading positions via so-called zero-knowledge proofs.

According to DefiLlama data, volumes on DEXs have dropped sharply after a brief period of growth this spring, recently averaging at just above $1 billion per day. Cryptocurrency and blockchain startups received 76% less investment in Q2 2023 than in the same period a year ago, according to Crunchbase.

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