Based Series A funding: $11.5M led by Pantera Capital
Based completed a $11.5 million Series A funding round led by Pantera Capital. The raise underscores investor interest in consumer-facing crypto applications that connect trading and payments.
According to The Block, the round was structured as an equity investment with token warrants. That structure is common in crypto to align equity ownership with future token-based participation, subject to applicable securities rules.
Why Pantera’s lead and Hyperliquid ecosystem integration matter
Pantera’s lead adds institutional validation and potential distribution advantages. Integration with the Hyperliquid ecosystem positions Based to tap composable liquidity, while offering a consumer front end suited to everyday financial use.
“If Hyperliquid is building a house for all of finance, Based is already the front door to that house, as the leading gateway to the Hyperliquid ecosystem,” said Jay Yu, junior partner at Pantera Capital.
Immediate impact: expansion into new markets and onchain infrastructure
As reported by CoinDesk, the company said the fresh capital will be used to expand into new markets and build out its onchain financial infrastructure. The application is built on Hyperliquid infrastructure, aligning product roadmap with that ecosystem.
Cross-border rollout will likely require jurisdiction-specific compliance, payments connectivity, and risk controls. Execution speed will depend on licensing pathways, partner integrations, and market conditions.
Traction, metrics, and what’s next for Based
According to FinanceWire, Based reported over 100,000 registered users, 30,000 monthly active users, operations across five regions, and approximately $40 billion in cumulative trading volume at announcement. Figures may evolve as markets scale.
Metrics snapshot: users, regions, trading volume to date
The data show a broad early user base with recurring activity and material throughput. Five-region coverage suggests multi-market product readiness, while cumulative volume indicates consistent engagement with Based’s trading and payments features.
Implications for consumer superapp positioning on Hyperliquid
Momentum in users and volume supports a consumer superapp thesis layered on Hyperliquid’s infrastructure. If sustained, deeper integration could reduce fragmentation between on-chain investing and real-world spending within one interface.
FAQ about Based Series A funding
Who led Based’s $11.5 million Series A and how was the round structured?
Pantera Capital led the $11.5 million Series A; the round was an equity investment with token warrants, previously disclosed by the company and reported in industry media.
How will Based use the new funding to expand its onchain financial infrastructure and markets?
Based plans to expand into new markets and build out its onchain financial infrastructure to support trading and payments on the Hyperliquid ecosystem.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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