Nibiru, a brand new crypto derivatives protocol co-founded by Tribe Capital GP Arjun Sethi, has raised $7.5 million seed funding at a valuation of $100 million, two sources aware of the matter informed Thealike.
Tribe Capital, Republic Crypto and Kraken invested within the seed spherical, a supply stated, requesting anonymity as the knowledge shouldn’t be public.
Sethi co-founded the startups with 4 trade veterans – together with Sankha Banerjee, previously with Credence Capital and Binance; and Boris Revsin, who co-founded Republic Capital. Nibiru has attracted practically two dozen contributors from companies together with Meta, Reddit, JP Morgan and Yahoo, an investor deck obtained by Thealike confirmed.
The crypto market is flooded with centralized (Binance, FTX) and decentralized ETH-based perpetuals and choices buying and selling platforms (Dydx, Opyn, Perpetual Protocol). Nibiru is making an attempt to construct the primary mainstream decentralized multichain resolution, in accordance with its web site.
Currently in non-public testnet, Nibiru’s decentralized protocol unifies derivatives buying and selling, spot buying and selling, staking, and bonded liquidity and goals to serve customers throughout over 40 blockchains, it says on the website.
On its investor deck, Nibiru says it would present prospects with unlocked hedging alternatives, extraordinarily low fuel prices, MEV resistance, and excessive futures quantity. It can also be creating composable yield in rising/falling regimes utilizing decentralized perps and choices, the deck added.
A slide from Nibiru’s investor presentation the place the startup describes the present state of crypto derivatives and choices market
The startup plans to launch NIBIRU on public testnet later this 12 months and mainnet by Q1 2023, the investor deck stated. Sethi declined to remark Friday.