fintech
In the midst of the last crypto recession, few would have predicted that a new decentralized exchange would attract Silicon Valley’s most seasoned investors.
Important points:
- Reiter secured $68 million in new funding, valuing it at $1.5 billion.
- The round was led by Founders Fund and Rivit Capital, with participation from major investors.
- The platform is highly profitable and is preparing to launch spot trading.
- The deal reflects the institution’s renewed interest in core DeFi infrastructure.
But Lighter, a trading network that didn’t even exist three years ago, just closed a $68 million round led by Founders Fund and Ribbit Capital with support from Haun Ventures and Robinhood, valuing it at $1.5 billion.
The return of smart money
The size of the investment says as much about the market as it does about the startup. After a quiet uptick in blockchain venture funding, investors once again appear ready to back DeFi infrastructure, the kind of companies that can underpin transactions and payments for the next wave of adoption.
Writer funding deals aren’t just token plays. This round included both stock and token warrants, giving backers a stake in the network before the native cryptocurrency went public.
According to The new funding for company founder Vladimir Novakovsky will help fund global expansion and accelerate the development of the writer’s upcoming spot trading engine. “Decentralized finance should no longer feel like an experiment,” he says. “That should feel like the foundation for everything else.”
How a networking startup became a trading powerhouse
Mr. Nowakowski’s background provides one of the most unusual axes in the world of technology. His previous venture, Lunchclub, an AI-powered social networking app, thrived during the pandemic before user growth plateaued. Instead of shutting down the project, he refocused the engineering team on blockchain infrastructure and rebranded the project to Lighter in 2023.
This reinvention quickly paid off. Within two years, Reiter has become a profitable decentralized trading network for perpetual futures, one of the most profitable commodity categories in cryptocurrencies.
Layer 2 performance, organizational accuracy
Unlike many decentralized exchanges built directly on Ethereum, Lighter runs on a Layer 2 network, which provides important advantages in terms of transaction speed and cost. Data from L2BEAT ranks it as one of the fastest growing Layer 2 ecosystems in terms of Total Value Locked (TVL), a sign of robust user activity.
Its rise occurs in a highly competitive stage. Rival protocols such as Hyperliquid and Aster are competing for liquidity in the derivatives market, with Aster recently leading the way in trading volume. But Lighter’s hybrid approach has helped it maintain momentum by acting as both a DEX and its own blockchain.
“Vlad and his team are 85% to 90% of the reason we made this investment.” Joey Klug of Founders Fund said: “They act like traders, not theorists. ”
DeFi’s institutional moment
The timing of this transaction coincides with a broader shift in sentiment towards decentralized finance. While traditional investors were once wary of cryptocurrency volatility, they now prefer projects that combine regulatory compliance, real returns, and scalable infrastructure.
Reiter’s funding comes alongside other headline raises, including Ripple’s recent $500 million raise, which together signal DeFi’s return to a more pragmatic, less speculative stage.
Industry analysts say these investments signal a mature view of the industry: infrastructure first, advertising second. “What we’re seeing is a reordering of priorities,” said one venture capital observer. “Investors are no longer chasing coins, they’re betting on pipes.”
what happens next
The writer, which has raised nearly $90 million to date and has already achieved profitability, plans to expand its token offering beyond perpetual tokens and introduce spot trading pairs for Bitcoin and other major assets later this year.
Nowakowski’s long-term vision is even bolder. He sees writers evolving into a financial base, a neutral layer where digital assets and traditional markets can eventually meet. “If we’re going to rebuild our finances, someone has to start with transparency that we can’t trust. That’s what we’re here for,” he said.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any particular investment strategy or cryptocurrency. Always do your own research and consult a licensed financial advisor before making any investment decisions.
