PANews reported on January 17 that according to The Block, the decentralized exchange (DEX) Global Token Exchange (GTE) built on the MegaETH blockchain has raised $10 million in three rounds of financing. GTE co-founder Enzo Coglitore revealed that the financing included a $1.5 million Pre-Seed round, a $6.942 million seed round, and $2.5 million in community financing from Echo. The Pre-Seed round was completed in the third quarter of 2024, the seed round was completed in the fourth quarter, and the Echo round of financing just ended last week.
Coglitore said GTE's funding round was conducted in the form of a simple agreement for future equity (SAFE) with token warrants. The latest financing brings the project's valuation to the "mid-to-high eight-figure range," or between $10 million and $99 million. Although Coglitore declined to disclose the specific valuation, he said investors in the Echo community financing 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 at Jump Trading.
According to reports, GTE is built entirely on the yet-to-be-launched Ethereum Virtual Machine (EVM) compatible blockchain MegaETH. GTE is currently in the private testnet stage and is preparing to launch with MegaETH's public testnet and mainnet later this year. With the new funds, GTE plans to expand its 10-person team, which includes members who have worked at Palantir, GSR, Bitstamp and Amazon Cloud Services (AWS).
