Spicenet has raised a $5 million Series A funding round led by dao5, bringing total funding for the on-chain financial infrastructure company to $8 million. Babylon and Astrarizon also participated in the Series A. The financing follows a previous $3 million seed round co-led by Hack VC and Magnus Capital.
Spicenet plans to use the new funding to launch Spice Edge and the SPICE token while providing liquidity for products built across its network.
The company is developing infrastructure that connects decentralized finance applications with users and liquidity across multiple blockchains.
Its first major product, Spice Flow, provides applications with a single integration for cross-chain transactions.
Users can complete actions without manually moving funds through bridges, switching blockchain networks, or managing separate gas fees.
Spice Flow is live with Reppo on Base and Pare on Robinhood. During beta testing, it processed more than $160,000 in transaction volume and approximately 30,000 completed actions.
Spice Edge, which is approaching beta launch, is designed to provide margin and trading capabilities across multiple venues through a single account.
Buying power will be calculated based on positions, pledged collateral, and overall portfolio risk.
Derive, described by Spicenet as the largest decentralized finance options platform by trading volume, is an announced launch partner for Spice Edge.
Spicenet is also developing Spice Stocks, a consumer application intended to allow users to purchase tokenized equities using assets held on other chains and borrow USDC against qualifying holdings.
Trading for Spice Stocks is expected to use Aerodrome, while lending functionality will rely on Aave.
Spicenet’s Celestia-powered Layer 1 network provides settlement and accounting infrastructure and has processed more than 85,000 mainnet transactions.
KEY QUOTES:
“Spicenet is our way of rewriting the rules of distribution in crypto, where access expands with the product’s potential, not the boundaries of a single chain.”
Matthew McConnell, CEO Of Spicenet
