Nibiru, a blockchain infrastructure protocol, raised USD 7.5 million in seed funding from Tribe Capital, Republic Capital and Kraken at a valuation of USD 100 million.

The company plans to launch the Nibiru blockchain on a public testnet later this year and mainnet by Q1 2023.

Nibiru offers a proof-of-stake blockchain protocol that unifies trading, staking, and liquidity for both derivatives and spot markets. The protocol enables users of over 40 blockchains to trade across chains with leverage by providing a suite of composable dApps, including a perpetual futures exchange, and an automated market maker protocol. The protocol operates under a token model that offers two native tokens: 1) NIBI, which can be used for staking and utility, and 2) NUSD, a partially collateralized stablecoin. Additionally, it offers “price feed oracles,” which are used to price assets and communicate with other Cosmos-based layer-1 chains.