Nibiru, a new crypto derivatives protocol co-founded by Tribe Capital GP Arjun Sethi, has raised $7.5 million in seed funding at a $100 million valuation, according to two sources familiar with the matter.
According to a source who requested anonymity because the information is not public, Tribe Capital, Republic Capital, and Kraken participated in the seed round.
Sethi co-founded the startups with four industry veterans, including Sankha Banerjee of Credence Capital and Binance, and Boris Revsin of Republic Capital. According to an investor deck obtained by TechCrunch, Nibiru has attracted nearly two dozen contributors from companies such as Meta, Reddit, JP Morgan, and Yahoo.
There are numerously centralized (Binance, FTX) and decentralized ETH-based perpetuals and options trading platforms in the crypto market (Dydx, Opyn, Perpetual Protocol). According to its website, Nibiru is attempting to build the first mainstream decentralized multichain solution.
Nibiru’s decentralized protocol, which is currently in private testnet, unifies derivatives trading, spot trading, staking, and bonded liquidity and aims to serve users across over 40 blockchains, according to the website.
According to Nibiru’s investor deck, the company will offer customers unlocked hedging opportunities, extremely low gas costs, MEV resistance, and high futures volume. It is also generating composable yield in rising/falling regimes through the use of decentralized perps and options, according to the deck.
According to the investor deck, the startup intends to launch Nibiru on the public testnet later this year and on the mainnet in Q1 2023. Friday, Sethi declined to comment.
