On-chain brokerage Spicenet raises $5M Series A led by dao5
What's the deal? SpicenetDealroom has a profile for this one. Try Dealroom →, an on-chain brokerage network, has closed a $5 million Series A led by dao5Dealroom has a profile for this one. Try Dealroom →, with Babylon and Astrarizon participating. The round brings total funding to $8 million, following a $3 million seed co-led by Hack VC and Magnus CapitalDealroom has a profile for this one. Try Dealroom →.
What's the endgame? Spicenet connects decentralised finance (DeFi) applications with users and liquidity across blockchains. The company says it aims to help traders use capital more efficiently across venues.
Where the money goes: Spicenet will use the funds to launch Spice Edge, a cross-venue margin product, introduce the SPICE token, and seed initial liquidity. Options platform DeriveDealroom has a profile for this one. Try Dealroom → is the announced launch partner.
Early traction: Its Spice Flow beta, which lets apps offer one-click actions across chains, has logged more than $160,000 in transaction volume and 30,000 completed actions — modest numbers that point to interest, not scale.
"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 chief executive officer Matthew McConnell.
What could go wrong? The Derive partnership gives Spice Edge a concrete first integration, but not proof of adoption. Recent crypto funding has often favoured larger, more established financial-infrastructure firms, raising the bar for a startup at this stage.
The signal: At $5 million, the round sits in the lower tier of recent deals — a frame that fits the broader push to build trading and financial plumbing directly on-chain. Spicenet's significance will hinge on whether Spice Edge moves beyond testing to attract sustained users and liquidity.
Read more: markets.financialcontent.com
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