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

Nibiru, a new crypto derivatives protocol co-started by Tribe Money GP Arjun Sethi, has lifted $7.5 million seed funding at a valuation of $100 million, two resources familiar with the make any difference advised TechCrunch.

Tribe Cash, Republic Crypto and Kraken invested in the seed spherical, a supply mentioned, requesting anonymity as the details is not public.

Sethi co-started the startups with four business veterans – including Sankha Banerjee, previously with Credence Funds and Binance and Boris Revsin, who co-founded Republic Cash. Nibiru has attracted nearly two dozen contributors from firms such as Meta, Reddit, JP Morgan and Yahoo, an trader deck obtained by TechCrunch confirmed.

The crypto industry is flooded with centralized (Binance, FTX) and decentralized ETH-based mostly perpetuals and possibilities investing platforms (Dydx, Opyn, Perpetual Protocol). Nibiru is making an attempt to develop the initially mainstream decentralized multichain remedy, according to its web page.

Now in non-public testnet, Nibiru’s decentralized protocol unifies derivatives buying and selling, place buying and selling, staking, and bonded liquidity and aims to provide people across above 40 blockchains, it claims on the site.

On its trader deck, Nibiru suggests it will present consumers with unlocked hedging options, incredibly minimal fuel fees, MEV resistance, and high futures quantity. It is also building composable generate in rising/falling regimes working with decentralized perps and selections, the deck included.

A slide from Nibiru’s trader presentation where the startup describes the existing condition of crypto derivatives and solutions sector

The startup plans to start NIBIRU on public testnet afterwards this calendar year and mainnet by Q1 2023, the trader deck said. Sethi declined to remark Friday.