Spicenet Raises $5M Series A Led by dao5

Total funding reaches $8M as Spicenet expands its brokerage network for on-chain finance.

ROAD TOWN, British Virgin Islands--(BUSINESS WIRE)--Spicenet has completed a $5M Series A led by dao5, with participation from Babylon and Astrarizon. The round follows a $3M seed co-led by Hack VC and Magnus Capital.

The funding will support the launch of Spice Edge and the SPICE token, and seed liquidity for products built on the network.

Spicenet connects DeFi applications with users and liquidity across blockchains. Its products simplify access to on-chain markets and are designed to help traders use capital more efficiently across venues.

“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,” said Matthew McConnell, CEO of Spicenet.

Spice Flow: access across chains

Spice Flow gives apps a single integration for one-click actions across chains. Users can transact without manually bridging funds, switching networks or managing gas fees. Live with Reppo on Base and Pare on Robinhood, it has facilitated more than $160K in beta transaction volume and 30k completed actions.

Spice Edge: margin across venues

Spice Edge, nearing beta launch, is designed to bring trading and margin across venues into one account. Buying power will reflect positions, pledged collateral and portfolio risk, helping traders put their capital to work across markets.

Derive, DeFi’s largest options platform by trading volume, is an announced launch partner. The integration is designed to provide access to its options and perpetuals through a single margin account.

Spice Stocks: tokenized equities

Spice Stocks is Spicenet’s consumer app in development. It is designed to let users buy tokenized equities with assets from other chains and borrow USDC against eligible holdings, with trading powered by Aerodrome and borrowing by Aave.

Spicenet Rollup: settlement, accounting, security

Spicenet’s Celestia-powered L1 provides settlement and accounting and has supported more than 85,000 mainnet transactions. Monitoring partner BlockSight is helping develop risk monitoring and security safeguards across the products.

About Spicenet

Spicenet is building a brokerage network connecting applications, users and liquidity across blockchains. Learn more at spicenet.io.