Based Raises $11.5M for AI-Powered Crypto App
Singapore-based startup Based has raised $11.5 million in a Series A funding round led by Pantera Capital. The company is developing a composable Web3 "SuperApp" powered by Hyperliquid that focuses on decentralized AI model training and on-chain financial infrastructure. The funding signals strong institutional interest in the convergence of AI and cryptocurrency applications.
- Other notable investors in the round included Coinbase Ventures, Wintermute Ventures, and Karatage, with the deal structured as an equity investment with token warrants. - In the eight months since its launch, the company has reportedly attracted over 100,000 registered users and 30,000 monthly active users, processing approximately $40 billion in cumulative trading volume. - Before rebranding, the team operated under the name Suberra, a startup focused on crypto payments that had previously raised $2.7 million in 2022. - The app is built on Hyperliquid, a custom Layer-1 blockchain with its own consensus mechanism (HyperBFT) designed for a high-throughput, on-chain order book to rival the speed of centralized exchanges. - Co-founder and CEO Edison Lim stated the funding will help expand the company's "agentic commerce" business and fuel entry into the North American market. - The platform's "SuperApp" features include perpetual futures trading, prediction markets, and a crypto-linked Visa card for spending. - As part of the investment, Pantera Capital has secured an observer board seat, though the company's current valuation has not been disclosed.
