Spicenet Closes $5M Series A to Launch Spice Edge and SPICE Token

Spicenet has closed a $5 million Series A to launch its Spice Edge trading product and the SPICE token. dao5 led the round, with Babylon and Astrarizon participating, the Road Town, British Virgin Islands-based company announced on October 27, 2026.

The raise follows a $3 million seed round co-led by Hack VC and Magnus Capital. The new capital will also seed liquidity for products built on the network.

Spicenet, led by CEO Matthew McConnell, runs a brokerage network for on-chain finance. It connects DeFi applications with users and liquidity across blockchains, and its products are designed to help traders use capital more efficiently across venues.

What does the money actually fund?

Two launches. Spice Edge, which is nearing beta, brings trading and margin across venues into a single account. Buying power in that account will reflect positions, pledged collateral and portfolio risk, so traders can deploy capital across markets from one place.

The round also backs the SPICE token, plus liquidity seeding for products built on the Spicenet network.

Is anyone using it yet?

Yes — the numbers are early but concrete. Spice Flow, the product that gives apps a single integration for one-click actions across chains, has already facilitated more than $160,000 in beta transaction volume and 30,000 completed actions.

Spice Flow removes the manual work from cross-chain transactions. Users transact without bridging funds, switching networks or managing gas fees. It is live with two partners:

• Reppo, on Base
• Pare, on Robinhood

Beneath the products sits infrastructure. Spicenet's Celestia-powered Layer 1 handles settlement and accounting, and it has already supported more than 85,000 mainnet transactions.

Who is Spicenet partnering with?

Derive, DeFi's largest options platform by trading volume, is an announced launch partner for Spice Edge. The integration is designed to give traders access to Derive's options and perpetuals through a single margin account — a direct pitch at traders who currently split collateral across venues.

Spicenet is also building a consumer app. Spice Stocks, still in development, is designed to let users buy tokenized equities with assets from other chains and borrow USDC against eligible holdings. Trading will be powered by Aerodrome, with borrowing handled by Aave.

Why it matters

The Series A pushes Spicenet's disclosed funding to $8 million, and the roadmap now spans infrastructure, margin trading and consumer equities at once. With Derive signed as a launch partner and 85,000 mainnet transactions already settled, the bet is that a single-account, cross-chain margin layer can pull serious trading volume away from fragmented per-venue setups.