The Global Token Exchange (GTE), a decentralized exchange (DEX) built on the MegaETH blockchain, has raised $10 million across three funding rounds.
The funding includes a $1.5 million pre-seed round, $6.9420 million seed funding and a $2.5 million community-focused round on Echo, a platform founded by crypto trader Jordan Fish (aka Cobie), GTE co-founder Enzo Coglitore, a former investor at Alchemy Ventures, told The Block. The pre-seed round closed in Q3 2024, the seed round in Q4 and the Echo round was completed just last week, Coglitore said.
He added that over 720 unique new investors subscribed to the Echo round "in seconds." Last month, MegaETH developer MegaLabs raised $10 million on Echo in under three minutes.
GTE's funding rounds were structured as simple agreements for future equity (SAFEs) with token warrants, Coglitore said. The latest rounds brought the project's valuation to the "upper mid-eight-figure range," Coglitore said, meaning between $10 million and $99 million. While Coglitore declined to disclose the exact valuation, he said investors in both the Echo and seed rounds participated at the same valuation.
GTE's venture investors include Maven 11, Wintermute, Flow Traders, Robot Ventures, IMC Trading, Guy Young of Ethena, Max Resnick of Anza and undisclosed traders from Jump Trading.
GTE, which has yet to launch, claims to deliver "the world's fastest decentralized exchange" with performance comparable to centralized exchanges.
"When you're a trader, every millisecond counts," GTE said. "We've vertically integrated every aspect of trading — from token creation and issuance, to spot and leverage — to give you the best on-chain experience possible."
The exchange is being built exclusively on MegaETH, a not-yet-launched Ethereum Virtual Machine (EVM)-compatible blockchain. MegaETH aims to achieve 100,000 transactions per second.
"Given GTE's reliance on extremely high throughput and low latency infrastructure, MegaETH is the only blockchain capable of delivering the necessary performance," Coglitore said.
GTE is currently operational in a private testnet phase and is preparing to launch alongside MegaETH's public testnet and mainnet launches later this year.
With the fresh capital, GTE plans to expand its team of 10, including members with experience at Palantir, GSR, Bitstamp and Amazon Web Services.
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