The investment comes at a time when crypto venture capital has mostly dried up and trading volumes have plunged.
Decentralized exchange Brine Fi has raised $16.5 million at a valuation of $100 million in an investment round led by Pantera Capital, the company said Thursday in a press release.
Elevation Capital, StarkWare Ltd, Spartan Group, Goodwater Capital, Upsparks Ventures, Protofund Ventures were among those also participating in the fundraising round. The fresh funding is notable given that venture capital for digital asset firms has mostly dried up, with cryptocurrency and blockchain startups receiving 76% less investment in Q2 2023 than the same period one year earlier, CrunchbaseTrading volumes have also plummeted to multi-year lows during the summer as the crypto bear market has moved into the apathy stage thanks to a lack of catalysts to attract investors.
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