Crypto investment firm Pantera Capital has led an 11.5 million dollar Series A funding round in Based, a Web3 consumer application built on Hyperliquid infrastructure. The round also drew participation from Coinbase Ventures, Wintermute Ventures and Karatage, underscoring continued investor interest in consumer facing crypto platforms.
Based positions itself as an integrated onchain finance application that combines perpetual futures trading, prediction markets and real world crypto spending within a single interface. The company said the newly raised capital will support expansion into additional geographic markets and accelerate development of its onchain financial infrastructure.
Launched eight months ago, the platform operates natively on Hyperliquid’s execution environment, which is designed to deliver high throughput and low latency trading. By leveraging this infrastructure, Based aims to offer institutional grade liquidity while maintaining a streamlined consumer experience. The model reflects a broader industry trend toward blending professional trading tools with simplified user interfaces for mainstream adoption.
Beyond its primary application, Based is extending its underlying technology stack to support third party venues. One such integration includes HyENA, a perpetuals trading platform built within the Hyperliquid ecosystem. This strategy suggests that the company is positioning itself not only as a consumer brand but also as an infrastructure provider within the growing decentralized derivatives market.
According to the company’s leadership, many crypto applications remain heavily focused on traders or developers rather than everyday users seeking a comprehensive financial experience. Based’s stated goal is to enable users to access global markets, manage digital assets and spend funds directly without navigating multiple platforms or custodial intermediaries.
The funding arrives at a time when venture investment in crypto startups has shown selective recovery, particularly in segments tied to trading infrastructure and real world utility. As tokenization and decentralized finance mature, investors are increasingly evaluating projects that connect onchain liquidity with practical consumer applications.
Hyperliquid powered platforms have attracted attention for their performance metrics, especially in perpetual futures markets. By building directly within this environment, Based seeks to differentiate itself from wallet only or exchange only applications that require users to move assets across multiple services.
While competition remains intense in the Web3 consumer space, the involvement of established venture firms indicates confidence in models that merge trading, prediction tools and spending capabilities. As regulatory frameworks evolve and user expectations shift toward integrated digital finance experiences, platforms that simplify access to onchain markets may continue to draw institutional backing.
