Pantera-Led $11.5M Round Backs SuperApp Blending Trading And Real-World Crypto Spending

Based confirmed a fresh injection of capital on Monday, announcing it has raised US$11.5 million to accelerate the buildout of what it calls the next generation of on-chain finance. The round, the company said, is intended to help scale its all-in-one SuperApp to offer a single on-chain experience that combines perpetuals, prediction markets, spot trading and real-world spending. Pantera Capital led the funding round with participation from Coinbase Ventures, Wintermute Ventures and Karatage.

The founders say the fresh capital will fund the rollout of three planned product verticals and other growth initiatives designed to blur the lines between on-chain and off-chain access. Eight months after starting development on the Hyperliquid network, Based says it has produced what it describes as an “omni-channel” trading experience and is already seeing meaningful traction.

There are multiple product verticals, more than 30,000 monthly active users, mobile and web products that have processed roughly $39 billion in traded volume, and an internal exchange called Hyena HIP-3 with $50 million open interest and about $1.5 billion transacted on its books. The company also highlighted rapid uptake of its prediction markets (roughly $18 million in volume in a few months) and crypto debit card spending above $20 million since inception.

From Perpetuals to Debit Cards

That mix of consumer apps, trading rails and payments primitives, Based’s team says, gives the startup multiple revenue-generating levers as it pursues faster growth. The pitch is straightforward: instead of making users stitch together different wallets, exchanges and cards, the SuperApp bundles trading and spending into a continuous, on-chain first experience. Executives positioned this as a user-centric push to increase retention by making crypto assets both tradable and directly spendable in everyday life.

Looking ahead, Based plans to widen that approach by introducing new spending verticals, including a marketplace initiative the company calls Basedmall, and by developing new trading primitives on infrastructure it owns. The startup also intends to push further into enterprise use cases with “Based Cloud,” an offering aimed at bringing the company’s stack to business customers. Those moves, the team said, will be guided by a “prime focus on growth and retention through consumer-led applications.”

Investors in the round are betting on that integrated vision. Pantera Capital, a long-time backer of crypto-native infrastructure and consumer projects, led the financing, signaling continued institutional appetite for companies that pursue both trading and payments use cases under one roof. Coinbase Ventures and Wintermute Ventures are among the other notable participants, bringing strategic alignment with exchange ecosystems and market-making expertise, respectively.

For users who want to try the platform, Based points toward its trading portal and mobile apps in the announcement. The company’s broader claim, that the next stage of its SuperApp will “widen the gap” between itself and competitors by marrying novel trading products with consumer payments and enterprise deployments, will now be tested in the market as the team deploys the new verticals and levers the fresh funding provided. For now, the $11.5 million round gives Based both capital and a clearer runway to push on its vision of a single, on-chain experience for trading and spending.