Based, a Web3 trading and payments platform built on Hyperliquid, has raised $11.5M in a Series A funding round on Feb 23, 2026.
Funding Data:Amount : $11.5M
Round : Series A
Lead Investor : Pantera Capital
Participants : Coinbase Ventures, Wintermute Ventures, Karatage
Platform Overview:• On-chain spot & derivatives trading
• Web, desktop, and mobile terminals
• Prediction markets integration
• Affiliate trading infrastructure
• Crypto-linked payment cards for real-world spending
Investor Context:Pantera Capital : $5B+ AUM, 100+ crypto investments
Coinbase Ventures : $1.7B deployed across 280+ projects
Wintermute Ventures : Liquidity & market structure focus
Karatage : Early-stage trading & consumer Web3 investments
Funding History:Pre-Seed : $1M (Feb 2022)
Undisclosed : $2.7M (Oct 2022)
Strategic : Ethena Foundation (Sep 2025)
Series A : $11.5M (Feb 2026)
Total Funding:$15.2M+ disclosed (excluding strategic round)
The raise supports expansion of trading, payments, and Hyperliquid ecosystem infrastructure as perp DEX activity continues to grow.
Data Based On: https://cryip.co/based-raises-11-5-million-in-series-a-funding-round-led-by-pantera-capital/
