Web3 trading and payment app based completes $11.5M Series A led by Pantera Capital

KuCoinFlash

Release Time: 02/23/2026 13:17:15

Summary

Web3 adoption continues with Based, a Web3 trading and payment app, closing an $11.5M Series A round led by Pantera Capital. Investors include Coinbase Ventures, Wintermute Ventures, and Karatage. Built on Hyperliquid’s infrastructure, Based offers a unified interface for trading, wallet management, fiat on/off-ramps, and crypto Visa cards. The round, which began in Q4 2025 and recently closed, features an equity plus token warrant structure. Based previously raised $2.7M in 2022 under the Suberra brand. Web3 news highlights the app’s push toward mainstream crypto integration.

BlockBeats news: On February 23, Based, a Web3 trading and payments application built on Hyperliquid’s infrastructure, completed a $11.5 million Series A round led by Pantera Capital, with participation from Coinbase Ventures, Wintermute Ventures, and Karatage.

Based on a statement by Co-founder and CEO Edison Lim, this funding round, which began in the fourth quarter of 2025, was completed last week using an equity plus token warrant structure, with the valuation undisclosed. Pantera has received a board observer seat.

This is the latest funding round for Based, following its two financing rounds totaling $2.7 million announced in 2022, when the team operated under the Suberra brand with a focus on crypto payments.

Built on Hyperliquid’s blockchain and trading infrastructure, it is positioned as a consumer-facing Web3 “super app,” integrating trading, wallet functionality, fiat on/off-ramps, and an encrypted Visa card into a single interface. The platform combines perpetual contracts trading, prediction markets, and crypto payments.

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