ZKsync-based hybrid DEX GRVT raises $19 million Series A

GRVT, a hybrid decentralized exchange built on the Ethereum scaling layer ZKsync, has raised $19 million in Series A funding. The round was co-led by GRVT’s tech partner ZKsync and Further Ventures, the investment firm backed by Abu Dhabi’s sovereign wealth fund that previously led a strategic investment round for the DEX.

EigenCloud (formerly known as EigenLayer), a verifiable cloud platform for blockchain applications, and 500 Global are also notable leading backers, according to an announcement on Thursday. “The majority of the funds raised will be dedicated to product development and engineering,” the team noted.

GRVT (pronounced gravity) is a hybrid DeFi platform that blends the user experience and regulatory compliance of centralized exchanges (CEXs) with the self-custody, privacy, and decentralization of traditional DEXs, positioning itself as the world’s first licensed and regulated onchain exchange.

It operates as a kind of CeDeFi platform, blending elements of CeFi and DeFi, to create an open, inclusive financial ecosystem where users can trade cryptocurrencies, tokenized real-world assets, and other financial products in a compliant, scalable, and self-custodial environment.

“We believe the next frontier of finance will be built onchain, and privacy is a foundational element to unlock its full potential,” General Partner at 500 Global Min Kim said. “GRVT’s vision of combining ZK technology with institutional-grade infrastructure aligns strongly with our thesis of backing global founders who are re-architecting core financial systems.”

GRVT’s mainnet alpha launched in late 2024 on the Ethereum Layer 2 network ZKsync. The platform was initially geared towards crypto perpetual trading, but has since expanded into crypto spot and options trading this year.

Hong Yea, CEO of GRVT, previously told The Block the startup was pursuing licenses to operate in multiple jurisdictions, including updating its Bermuda crypto business license to operate as a DEX, as well as applying for the EU’s Markets in Crypto-Assets (MiCA) license, Virtual Assets Regulatory Authority license in Dubai, and a capital markets license in Abu Dhabi Global Market (ADGM). It reportedly acquired a virtual asset service provider (VASP) license in Lithuania as early as 2023.

The platform has open interest of about $9 million and $126 million in 24-hour trading volume, according to CoinGecko.

GRVT previously raised about $14.3 million from several pre-seed and seed rounds and a $2.2 million private token sale in March 2024, The Block previously reported.

With the new capital, GRVT plans to scale its product offerings, including cross-exchange vaults, cross-chain interoperability, options markets, RWAs, and more, the team said. It also plans to tap into EigenDA’s programmable privacy features, a data availability solution used by blockchain apps.