Spicenet Completes $5M Series A Funding Led by dao5

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Spicenet, a blockchain-based financial brokerage network, has secured $5 million in project funding through a Series A round led by dao5, with Babylon and Astrarizon also participating. This brings total funding to $8 million, including a $3 million seed round from Hack VC and Magnus Capital. The funds will support the launch of the cross-exchange margin product Spice Edge, the SPICE token, and initial liquidity for network products. The test version of Spice Flow has already generated $160,000 in trading volume, while Spice Edge is set to launch soon with Derive as its first partner. The network upgrade is expected to drive broader adoption and deeper product integration.

PANews, October 27: Spicenet, a brokerage network for on-chain finance, announced the completion of a $5 million Series A round led by dao5, with participation from Babylon and Astrarizon. Including the previous $3 million seed round co-led by Hack VC and Magnus Capital, total funding has reached $8 million. The proceeds from this round will be used to launch the cross-exchange margin product Spice Edge and the SPICE token, as well as provide initial liquidity for products within the network. The testnet trading volume of Spicenet’s cross-chain interaction product, Spice Flow, has exceeded $160,000. Spice Edge is set to launch its testnet, with Derive as its inaugural partner.

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