Pantera Leads $11.5M Investment in Crypto App Based
Pantera Capital has spearheaded an $11.5 million Series A funding round for Based, a crypto app powered by Hyperliquid. This funding round also saw participation from Coinbase Ventures, Wintermute Ventures, and Karatage. The fresh capital is aimed at expanding Based’s market reach and enhancing its onchain financial infrastructure.
Launched just eight months ago, Based offers a unique combination of perpetuals trading, prediction markets, and real-world crypto spending through a single interface. Built on Hyperliquid’s execution environment, the platform aims to deliver both the speed and liquidity found in institutional markets with a user-friendly experience for consumers.
Beyond enhancing its own platform, Based is extending its technology to support third-party applications, such as HyENA, a Hyperliquid-native perpetuals platform. This strategic move could potentially broaden Based’s influence within the Web3 space. As co-founder and CEO Edison noted, “We’re building Based so anyone, anywhere can access global markets and also use those funds to purchase things they actually need without jumping through hoops.”
This investment comes at a time when other major players, such as Ricardo Salinas, are reaffirming their commitment to Bitcoin amid market volatility. The injection of capital into Based underlines a growing interest in applications that bridge cryptocurrency with everyday financial life.
Analyst Insight: This funding round signals continued confidence in crypto applications that aim to simplify and integrate digital asset use into daily transactions.
The focus now shifts to how Based will leverage this investment to scale its infrastructure and whether this development will further stimulate interest in the Web3 ecosystem.
Sources: CoinDesk