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 conversant in the matter advised TechCrunch.
Tribe Capital, Republic Crypto and Kraken invested within the seed spherical, a supply mentioned, requesting anonymity as the data just isn’t 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 TechCrunch 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 answer, in response to its web site.
Presently in non-public testnet, Nibiru’s decentralized protocol unifies leveraging derivatives buying and selling, spot buying and selling, staking, and bonded liquidity and goals to serve customers throughout over 40 blockchains, it says on its web site.
On its investor deck, Nibiru says it is going to present prospects with unlocked hedging alternatives, extraordinarily low fuel prices, MEV resistance, and excessive futures quantity. Additionally it is creating composable yield in rising/falling regimes utilizing decentralized perps and choices, the deck added.
The startup plans to launch NIBIRU on public testnet later this yr and mainnet by Q1 2023, the investor deck mentioned. Sethi declined to remark Friday.