FinTech news in kraken category

Nibiru, a new crypto derivatives protocol co-founded by Tribe Capital GP Arjun Sethi, has raised $7.5 million in seed funding at a valuation of $100 million, two sources familiar with the matter told journalist. Sethi co-founded the startups with four industry veterans — including Sankha Banerjee, formerly with Credence Capital and Binance; and Boris Revsin, who co-founded Republic Capital. Currently in private testnet, Nibiru decentralized protocol unifies derivatives trading, spot trading, staking and bonded liquidity, and aims to serve users across over 40 blockchains, it says on the website. Nibiru has attracted nearly two dozen contributors from firms including Meta, Reddit, JP Morgan and Yahoo, an investor deck obtained by journalist showed.

The safety and risk of crypto-based financial products are in question this week as Celsius Network, a major crypto lender that lets users make deposits to earn interest and take out loans in crypto, paused withdrawals this week, sending the price of its token tumbling.