Pantera leads $11.5M round in Based, a Hyperliquid-powered crypto app

Based, a Web3 consumer app for trading and spending crypto, has raised $11.5 million in a Series A round led by Pantera, with participation from Coinbase Ventures, Wintermute Ventures and Karatage.

The company said the fresh capital will be used to expand into new markets and build out its onchain financial infrastructure.

Launched eight months ago, Based combines perpetuals trading, prediction markets and real-world crypto spending into a single interface. Built natively on Hyperliquid’s execution environment, the platform seeks to pair institutional-grade speed and liquidity with a consumer-focused experience.

Beyond its app, Based is also extending its technology stack to power third-party venues such as HyENA, a Hyperliquid-native perpetuals platform.

“Most crypto products today are built for traders or builders, not for everyday people who want a complete financial life onchain,” said co-founder and CEO who goes by Edison, in a press release shared with CoinDesk. “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.”

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