**[Web3 Trading and Payment Application Based Completes $11.5 Million Series A Financing, Led by Pantera Capital]** BlockBeats News, February 23: Web3 trading and payment application Based, built on Hyperliquid infrastructure, has completed a $11.5 million Series A financing round. The round was led by Pantera Capital, with participation from Coinbase Ventures, Wintermute Ventures, and Karatage. Edison Lim, co-founder and CEO of Based, stated that the financing round was initiated in Q4 2025 and completed last week. The structure of the round included equity combined with token warrants, though the valuation was not disclosed. Pantera has secured a board observer seat. This marks a new round of financing for Based following the announcement in 2022 of completing $2.7 million across two rounds. At that time, the team operated under the Suberra brand, focusing on crypto payments. Based is built on Hyperliquid's blockchain and trading infrastructure and is positioned as a consumer-facing Web3 "super app," integrating trading, wallet functionality, fiat on/off ramps, and a crypto Visa card into a single interface. The platform combines perpetual contract trading, prediction markets, and crypto payments into one ecosystem.