Brine.fi
Brine.fi (operating as tanX) is a ZK-powered, self-custodial decentralized exchange on StarkWare that serves institutional traders, HFTs, OTC desks, exchanges, and banks with orderbook trading, multi-chain support, no gas fees, and KYC-compliant counterparty routing.
- Company typePrivate
- Founded2023
- HeadquartersDubai, United Arab Emirates
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What Brine.fi does
Brine.fi, now operating as tanX (tanX.fi), is a decentralized exchange purpose-built for institutional traders, high-frequency trading operations, OTC desks, exchanges, and banks/brokers engaged in digital asset trading. The platform combines a professional-grade orderbook with self-custodial infrastructure and zero-knowledge proof privacy, so trading intentions are concealed from counterparties and from the exchange itself, mitigating front-running and strategy copying. It is built on StarkWare's Ethereum scaling system and operates across Ethereum, Polygon, Starknet, and Arbitrum, with cross-chain bridging and zero gas fees on trades. A KYC-compliant trading module routes flow only to pre-approved counterparties, and a Fireblocks integration lets institutional clients trade directly from custody accounts.
The product surface consists of the core tanX DEX accessed via a web application, a REST API with low-latency endpoints and a NodeJS SDK, the KYC-compliant counterparty module, and a referral/affiliate program. Smart contracts have been audited by PeckShield. The company reports 4 million orders processed with a 100% success rate and ranks among the top 10 DEXs globally on the strength of roughly $300 million in monthly trading volume reported at launch.
Revenue is generated through transaction fees on trades executed through the platform, with quote-based institutional pricing and no disclosed fee schedule. The company has raised $16.5 million in Series A funding led by Pantera Capital (with Elevation Capital and StarkWare Industries among participants) at a $100 million post-money valuation. It is headquartered in Dubai, UAE, and operates with 11-50 employees under founder/CEO Shaaran Lakshminarayanan.
Brine.fi firmographics
Firmographics- Name
- Brine.fi
- Legal name
- tanX.fi
- Website
- https://brine.fi
- Company type
- Private
- Founded year
- 2023
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Brine.fi (operating as tanX) is a ZK-powered, self-custodial decentralized exchange on StarkWare that serves institutional traders, HFTs, OTC desks, exchanges, and banks with orderbook trading, multi-chain support, no gas fees, and KYC-compliant counterparty routing.
- Ownership category
- akta.pro rank
Brine.fi industry classification
Industry- Product category
- Decentralized Exchange (DEX)
- NAICS
- Securities and Commodity Contracts Intermediation and Brokerage (5231)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Liquidity Management & Market-Making Protocols (FSADAMAH)
- akta.pro secondary industry
- Market Making & Liquidity Provision (FSADAJAC)
Keywords
Where Brine.fi is headquartered
LocationHeadquarters
- HQ city
- Dubai
- HQ country
- United Arab Emirates
- HQ region
- Middle East
Offices1 record
Markets served
Brine.fi business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Infrastructure, Personnel, Marketing or Sales, Operations
Revenue model
- Trading/Transaction Fees: DEX fee model charging commissions on trades executed through the platform
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Institutional Trading Platform |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels4 records
Brine.fi product offering
Product offeringCore offering
Brine.fi (operating as tanX.fi) runs a ZK-powered decentralized exchange built on StarkWare infrastructure, providing an institutional-grade orderbook for digital asset trading across Ethereum, Polygon, Starknet, and Arbitrum with no gas fees on trades. The platform enables OTC desks, exchanges, banks, and hedge funds to execute orders with minimal slippage while retaining self-custody of assets, supported by a developer API, NodeJS SDK, and Fireblocks integration.
Product overview
tanX (formerly Brine.fi) is a unified institutional decentralized exchange platform consisting of the core tanX DEX for trading, API product for developer integrations, KYC-compliant counterparty trading module, and referral program. The platform operates as a self-custodial solution supporting multi-chain trading across Ethereum, Polygon, Starknet, and Arbitrum, with zero-knowledge proof technology for privacy protection.
Differentiator
Problem solved
Functional benefit
Products and services
- tanX DEX Platform (formerly Brine.fi) A ZK-powered institutional decentralized exchange providing a self-custodial, high-performance orderbook-based trading venue across Ethereum, Polygon, Starknet, and Arbitrum, targeting OTC desks, exchanges, banks, brokers, and hedge funds.
- tanX API Developer API providing low-latency endpoints for order management, orderbook data, P&L, market volume, and pricing, with a pre-built NodeJS SDK for quick integration into institutional systems.
- Referral Program Affiliate program allowing users to generate referral links and earn rewards by onboarding new traders to the platform.
Quantifiable outcome
- 100% order success rate across 4 million orders
- +2 more outcomes
Companies that use Brine.fi
Customer profileNamed customers2 records
Segments3 records
Ideal customer profiles3 records
Brine.fi technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Feature7 records
Brine.fi partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- FireblockscoreIntegration partner enabling institutional clients to trade directly from their Fireblocks custody accounts, combining security with DEX access.
Scale indicators6 records
Recent moves6 records
Expansion highlights6 records
Brine.fi competitors and assessment
Company assessmentDirect peers
- dYdX: Decentralized orderbook exchange (now focused on perpetuals) targeting professional and institutional traders. Directly comparable to tanX as a non-AMM DEX pursuing institutional flow with self-custody.
- Uniswap: Largest spot DEX by volume, serving as the baseline competitor for any spot decentralized exchange. Comparable to tanX in serving institutional and retail spot flow, though it uses AMM rather than orderbook.
- Hyperliquid: Orderbook-based perpetual DEX on its own L1 competing for the same HFT and institutional trader segment. Directly comparable to tanX on performance, fees, and on-chain orderbook execution model.
- Loopring: ZK-rollup-based orderbook DEX. Closest technological analog to tanX given shared ZK/StarkWare heritage, comparable self-custodial orderbook model and target on institutional-grade execution.
- Vertex Protocol: Multi-chain DEX combining spot and perpetuals on an orderbook, originally on Arbitrum. Comparable to tanX in offering cross-chain institutional spot execution via orderbook rather than AMM.
- ZigZag Exchange: ZK-rollup-based orderbook DEX on Starknet. Directly comparable to tanX given shared ZK-stack infrastructure, on-chain orderbook model, and target segment of professional traders.
- Aevo: Orderbook-based DEX for derivatives and pre-launch token trading. Comparable to tanX in serving professional traders via an orderbook model and similar institutional-aimed positioning.
- GMX: Decentralized perpetual exchange on Arbitrum and other chains. Comparable to tanX as a non-custodial DEX pursuing professional trading volume, though GMX uses a GLP liquidity model rather than an orderbook.
Emerging players
- 0x / Matcha: DEX aggregator with orderbook-style RFQ routing for professional traders. Comparable to tanX as infrastructure for sourcing on-chain liquidity with API-based access for institutional desks.
Broad incumbents
- Coinbase: Largest US-regulated centralized exchange, now also a DEX venue via Base. Comparable as a competitor for institutional digital-asset trading flow, with overlap in OTC, prime brokerage, and custody-adjacent services.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
Brine.fi social profiles
Digital presenceBrine.fi compliance and trust
Trust signalCompliance1 record
Brine.fi financial estimates
Financial estimateRevenue estimate
Valuation estimate
Brine.fi leadership team
Management profileNumber of profiles
Profiles2 records
Brine.fi funding detail
Funding detailFunding overview
Funding rounds2 records
Investors7 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Brine.fi M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Brine.fi
What does Brine.fi do?
Brine.fi (operating as tanX.fi) runs a ZK-powered decentralized exchange built on StarkWare infrastructure, providing an institutional-grade orderbook for digital asset trading across Ethereum, Polygon, Starknet, and Arbitrum with no gas fees on trades. The platform enables OTC desks, exchanges, banks, and hedge funds to execute orders with minimal slippage while retaining self-custody of assets, supported by a developer API, NodeJS SDK, and Fireblocks integration.
Is Brine.fi a public or private company?
Brine.fi is a private company. It is classified as venture growth investor backed and is currently operating.
When was Brine.fi founded?
Brine.fi was founded in 2023. It employs 11 to 50 people.
Where is Brine.fi based?
Brine.fi is headquartered in Dubai, United Arab Emirates, in the Middle East region.
How does Brine.fi make money?
One revenue line is on record: trading/Transaction Fees.
Who are Brine.fi's main competitors?
Direct peers on record are dYdX, Uniswap, Hyperliquid, Loopring, Vertex Protocol, ZigZag Exchange, Aevo and GMX. 0x / Matcha is listed as an emerging player. Coinbase is listed as a broad incumbent.
Does Brine.fi have an API?
Yes. Robust and developer-friendly APIs for integrating with existing systems. Features include low latency endpoints for real-time market data, free internal transfers for own space, and pre-built NodeJS SDK for quick setup. Provides endpoints for creating orders, accessing orderbook data, P&L details, market volume, and pricing information. Developer documentation is at docs.tanx.fi.
What industry is Brine.fi in?
Brine.fi's product category is Decentralized Exchange (DEX). Its primary akta.pro industry code is FSADAMAH, Liquidity Management & Market-Making Protocols, with a secondary code of FSADAJAC, Market Making & Liquidity Provision. Its NAICS code is 5231 and its SIC code is 6200.