Based: Revolutionizing Web3 Trading and Payments with a $11.5 Million Series A Funding

In a significant move for the Web3 ecosystem, Based, a trading and payments app built on Hyperliquid’s infrastructure, has successfully raised $11.5 million in a Series A funding round. This fundraising effort aims to propel the company into new frontiers, particularly focusing on AI-driven “agentic commerce.” Led by Pantera Capital, with notable contributions from Coinbase Ventures, Wintermute Ventures, and Karatage, this investment opens up avenues for Based to expand its innovative offerings. The fundraising began in late 2025 and wrapped up just last week, according to Edison Lim, the co-founder and CEO of Based.

Based’s funding venture follows a 2022 effort, during which they raised $2.7 million while operating under the brand Suberra and concentrating on crypto payments. Such a trajectory indicates strong confidence from investors in the company’s vision and product-market fit. Lim emphasized the structure of the latest funding round as an equity investment bolstered by token warrants but refrained from disclosing the company’s current valuation. An interesting aspect of this arrangement is Pantera Capital receiving an observer board seat, indicating a partnership focused on future growth.

Unified Crypto App with Advanced Capabilities

At its core, Based positions itself as a consumer-focused Web3 “SuperApp,” harnessing hyperliquid’s blockchain and trading mechanics. The platform is designed to unify several functions: trading, wallet services, on- and off-ramps, alongside a crypto-linked Visa card—all found within a single, user-friendly interface. It integrates various trading features such as perpetual futures trading and prediction markets, elevating the user experience.

When comparing Based to Hyperliquid, Lim clarified that while Hyperliquid functions as the trading engine, Based serves as the user-facing product that emphasizes accessibility and ease-of-use. “If Hyperliquid is the house for all finance, Based is the welcoming front door,” remarked Jay Yu, partner at Pantera Capital. The firm believes that Based holds the potential to become an indispensable platform for trading and spending, covering a wide array of crypto activities.

Since launching just eight months ago, Based has rapidly gained traction, amassing over 100,000 registered users and 30,000 monthly active users across five regions. The platform has generated around $40 billion in cumulative trading volume and has realized nearly $14 million in revenue. This revenue primarily stems from builder code fees incurred when users trade through Based on Hyperliquid and Polymarket, as well as from card-related services like interchange and foreign exchange fees.

Extending Infrastructure with Based Cloud

In addition to its consumer app, Based is setting its sights on extending its infrastructure through a feature called “Based Cloud.” This initiative enables partners to develop tailored perpetual trading frontends and wallet experiences, broadening the company’s offerings. Notably, HyENA is an example of a Hyperliquid-native perpetuals venue built using Based’s technology. Remarkably, HyENA has generated over $1.5 billion in trading volume within just months of its launch.

Lim identifies Based as the primary distribution layer, enabling entry for users while differentiating itself from specialized platforms like HyENA, which cater to advanced traders. This differentiation allows Based to target both casual and serious traders, thereby increasing its user base and revenue. Enterprise deployments of hyperliquid and similar services also contribute to the company’s revenue streams, strengthening its business model.

Ambitious Roadmap for AI-Driven “Agentic Commerce”

A crucial element of Based’s future strategy involves implementing AI-driven "agentic commerce" in the cryptocurrency landscape. Lim envisions the development of AI personal financial agents capable of identifying lucrative opportunities across various trading interfaces, executing trades, and facilitating payment transactions.

Lim emphasizes that while the current user base primarily consists of crypto-native traders, the product roadmap aims to reach the next 100 million users seeking sophisticated financial outcomes without the steep learning curve typically associated with crypto transactions. More details on the upcoming agentic commerce features are expected to be unveiled in Q2 2026, signaling a significant shift in how users engage with trading and payments.

Geographical and Workforce Expansion

Currently headquartered in Singapore, Based has established a robust user base in Asia and plans to further penetrate the North American market. The company operates with a lean team of 15 individuals but aims to double its workforce to enhance its marketing, product development, and engineering capabilities. As it pivots toward AI infrastructure and payment services, the firm is particularly focused on hiring AI engineers and legal counsel experienced in payments regulation.

Such strategic hires will be essential as Based looks to bolster its innovative offerings and expand into new markets effectively. By hiring experts in crucial fields, Based aims to navigate the complexities of regulatory compliance while driving technological advancements in financial services.

Conclusion: A Bright Future for Based

The recent Series A funding and the ambitious roadmap outlined by Based signal a bright future for this innovative Web3 trading and payments application. With its unique positioning as a "SuperApp" combining various financial functionalities, Based is poised to become a central player in the crypto space. The company’s commitment to expanding its infrastructure through partnerships, pioneering AI-driven commerce, and bolstering its workforce showcases its determination to adapt and thrive in an ever-evolving market.

The coming years will be critical for Based as it seeks to cater to both active traders and the wider audience interested in digital finance. With strong backing from distinguished investors and a sophisticated product roadmap, Based is set to redefine how users engage with trading and payments in the cryptocurrency ecosystem.