Pantera Capital Invests $11.5M in Based for On-Chain Financial Infrastructure
Pantera Capital has spearheaded an $11.5 million funding round for Based, a crypto application operating on the Hyperliquid network. The investment aims to fuel market expansion and enhance the platform's on-chain financial infrastructure.
Venture capital firm Pantera Capital has successfully led an $11.5 million funding round for Based, a prominent crypto application built on the Hyperliquid network. This significant investment underscores growing confidence in Based's potential within the decentralized finance (DeFi) sector.
The newly acquired capital is earmarked for strategic initiatives designed to propel Based into new geographical markets. Furthermore, the funds will be instrumental in advancing the development and scaling of its on-chain financial infrastructure.
Based leverages the Hyperliquid platform, a high-performance order book decentralized exchange (DEX) known for its speed and efficiency. This technological foundation enables Based to offer advanced trading functionalities and robust financial services directly on the blockchain.
The expansion into new markets signifies Based's ambition to broaden its user base and integrate more participants into its ecosystem. Simultaneously, the enhancement of its on-chain financial infrastructure aims to solidify its position as a reliable and sophisticated platform for digital asset management and trading.
This infusion of capital and strategic focus on infrastructure development is crucial for the Web3 ecosystem. It represents a step forward in building more scalable, accessible, and powerful decentralized financial applications, driving innovation and adoption within the broader crypto space.
Originally reported by CoinDesk.