Nibiru is a new crypto derivatives protocol.
According to sources familiar with the situation, Nibiru, a new crypto derivatives system co-founded by Tribe Capital GP Arjun Sethi, has raised $7.5 million in initial funding at a valuation of $100 million.
It is alleged Tribe Capital, Republic Capital, and Kraken made investments in the seed round.
Sethi co-founded the startups with four industry experts, including Boris Revsin, a co-founder of Republic Capital, and Sankha Banerjee, a former employee of Credence Capital and Binance. According to an investor presentation, Nibiru has garnered over two dozen contributors from companies like Meta, Reddit, JP Morgan, and Yahoo.
There are numerous centralized (Binance, FTX) and decentralized ETH-based perpetuals and options trading platforms in the cryptocurrency industry (Dydx, Opyn, Perpetual Protocol). According to its website, Nibiru is aiming to create the first widely used decentralized multichain solution.
According to the website, Nibiru's decentralized protocol, which is currently in private testnet, combines derivatives trading, spot trading, staking, and bonded liquidity to service consumers on more than 40 blockchains.
Nibiru claims to provide consumers unlocked hedging opportunities, incredibly cheap gas prices, MEV resistance, and significant futures volume in its investor deck. Using decentralized perps and options, it is also producing composable yield in rising/falling regimes, the deck added.
About Nibiru
Nibiru is a sovereign proof-of-stake blockchain, open-source platform, and member of a family of interconnected blockchains that comprise the Cosmos Ecosystem.
Nibiru unifies leveraged derivatives trading, spot trading, staking, and bonded liquidity provision into a seamless user experience, enabling users of over 40 blockchains to trade with leverage using a suite of composable decentralized applications.
Find more here: https://nibiru.fi/
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