Pantera leads $11.5M round in Based, a Hyperliquid-powered crypto app

CoinDesk

by Margaux Nijkerk

February 23, 2026

AI-Generated Deep Dive Summary

Based, a Web3 consumer app for trading and spending cryptocurrency, has secured $11.5 million in a Series A funding round led by Pantera, with participation from Coinbase Ventures, Wintermute Ventures, and Karatage. The new capital will be utilized to expand into emerging markets and develop its on-chain financial infrastructure. This move underscores Based's commitment to bridging the gap between institutional-grade speed and liquidity with an intuitive user experience tailored for everyday consumers. Founded just eight months ago, Based stands out by integrating three key features—perpetuals trading, prediction markets, and real-world crypto spending—into a single interface. Built natively on Hyperliquid’s execution environment, the platform aims to offer institutional-grade performance while maintaining a consumer-friendly approach. This unique combination positions Based as a versatile tool for both casual users and sophisticated traders. Beyond its core app, Based is also extending its technology stack to power third-party platforms like HyENA, a Hyperliquid-native perpetuals platform. This expansion highlights Based's vision to create a decentralized ecosystem where multiple venues can leverage its infrastructure for seamless crypto transactions. The company’s strategy is driven by the belief that most existing crypto products cater primarily to traders or developers, not everyday users seeking a comprehensive financial experience. In a press release, Based co-founder and CEO, who goes by Edison, emphasized the importance of accessibility in the crypto space. He stated that the platform is designed to empower anyone, anywhere, to access global markets and use their funds for real-world purchases without unnecessary complexity. This user-centric approach aligns with the broader trend of Web3 applications striving to mainstream blockchain technology. The investment from Pantera, a prominent name in the crypto space, further validates Based

Verticals

cryptofinance

Originally published on CoinDesk on 2/23/2026