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Arjun Sethi’s crypto derivatives protocol Nibiru raises maiden funding at $100M valuation • TechCrunch

Nibiru, a brand new crypto derivatives protocol co-founded by Tribe Capital GP Arjun Sethi, has raised $7.5 million in seed funding at a valuation of $100 million, two sources accustomed to the matter informed TechCrunch.

Tribe Capital, Republic Crypto and Kraken invested within the seed spherical, a supply mentioned, requesting anonymity as the knowledge will not be public.

Sethi co-founded the startups with 4 business veterans — together with Sankha Banerjee, previously with Credence Capital and Binance; and Boris Revsin, who co-founded Republic Capital. Nibiru has attracted almost 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 trying to construct the primary mainstream decentralized multichain resolution, in accordance with its web site.

At the moment in personal 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 web site.

On its investor deck, Nibiru says it’ll present clients with unlocked hedging alternatives, extraordinarily low gasoline prices, MEV resistance and excessive futures quantity. It is usually 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. Picture Credit: Nibiru

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.

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