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, two sources familiar with the matter told Technology Flow.
Tribe Capital, Republic Crypto and Kraken invested in the seed round, a source said, requesting anonymity because the information is not public.
Sethi co-founded startups with four industry veterans — including Shankha Banerjee, formerly of Credence Capital and Binance; and Boris Revsin, who co-founded Republic Capital. Nibiru has attracted nearly two dozen contributors from firms including Meta, Reddit, JP Morgan and Yahoo, an investor deck obtained by Technology Flow showed.
The crypto market is flooded with centralized (Binance, FTX) and decentralized ETH-based perpetuities and options trading platforms (Dydx, Opyn, Perpetual Protocol). According to its website, Nibiru is trying to create the first mainstream decentralized multichain solution.
Currently on a private testnet, Nibiru’s decentralized protocol integrates derivatives trading, spot trading, staking and bonded liquidity and aims to serve users across 40 blockchains, it said on its website.
On its investor deck, Nibiru said it offers users unlocked hedging opportunities, extremely low gas costs, MEV resistance and high futures volume. It is also generating composable yields in rising / falling regimes using decentralized perps and options, the deck added.
The startup plans to launch NIBIRU on a public testnet later this year and on the mainnet by Q1 2023, according to InvestorDeck. Sethi declined to comment on Friday.