Based, a web3 trading and payments app built on Hyperliquid’s infrastructure, has raised $11.5 million in a Series A funding round as it looks to expand into AI-driven “agentic commerce.”
The round was led by Pantera Capital, with participation from Coinbase Ventures, Wintermute Ventures and Karatage, Based said Monday. Fundraising began in the fourth quarter of 2025 and closed last week, Based co-founder and CEO Edison Lim told The Block. The round was structured as an equity investment with token warrants, Lim said, declining to disclose the firm’s valuation. Pantera received an observer board seat as part of the deal, Lim added.
