Nibiru, a new crypto derivatives protocol co-founded by Tribe Capital GP Arjun Sethi, has raised $7.5 million in seed funding at a $100 million valuation, two sources familiar with the matter told TechCrunch.
Tribe Capital, Republic Crypto and Kraken invested in the round, a source said, requesting anonymity because the information is not public.
Sethi co-founded the startups with four industry veterans – including Sankha Banerjee, formerly at Credence Capital and Binance; and Boris Revsin, co-founder of Republic Capital. Nibiru has attracted nearly two dozen contributors from companies including Meta, Reddit, JP Morgan and Yahoo, an investor deck obtained by TechCrunch showed.
The crypto market is awash with centralized (Binance, FTX) and decentralized ETH-based (Dydx, Opyn, Perpetual Protocol) perpetuals and options trading platforms. Nibiru is trying to create the first mainstream decentralized multi-channel solution, according to its website.
Currently in a private testnet, Nibiru’s decentralized protocol unifies derivatives mining, spot trading, staking and bond liquidity and aims to serve users on more than 40 blockchains, it says on its website.
On its investor deck, Nibiru says it will provide clients with unlocked hedging opportunities, ultra-low gas costs, MEV resistance, and high futures volume. It also creates composable return in bottom-up/bottom-up schemes using decentralized perps and options, the bridge added.
The startup plans to launch NIBIRU on the public testnet later this year and on the mainnet by Q1 2023, the investor deck said. Sethi declined to comment on Friday.