MegaETH ecosystem DEX GTE completes $15 million Series A financing, led by Paradigm

ChainCatcher news, according to The Block, the well-known crypto venture capital firm Paradigm has exclusively led a $15 million Series A funding round for the decentralized exchange startup GTE.

The founding team of GTE stated that the platform uses a centralized limit order book (CLOB) mechanism, with trading latency on par with centralized exchanges like Binance and Coinbase, while maintaining decentralized characteristics.

GTE aims to address the issues of "blind trust" in centralized exchanges and the high latency and costs associated with traditional DEXs. The platform has been built on the EVM-compatible MegaETH blockchain, attracting around 700,000 users to its testnet.

ChainCatcher previously reported that the decentralized exchange GTE, based on the MegaETH blockchain, has raised $10 million through three funding rounds, including $1.5 million in Pre-Seed funding, $6.942 million in Seed funding, and $2.5 million in community funding from Echo.

GTE's venture capital investors include Maven 11, Wintermute, Flow Traders, Robot Ventures, IMC Trading, Guy Young from Ethena, Max Resnick from Anza, and an undisclosed trader from Jump Trading.