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Decentralized cryptocurrency exchange Grvt secures $19 million in funding to push the limits of programmable privacy in Web3.
Grvt completes $19 million funding round: What to know
Grvt, the preeminent DEX (decentralized exchange) for onchain financial privacy that is powered by zero-knowledge (“ZK”) technology, today announced the close of a $19 million Series A funding round. This investment strengthens Grvt’s pioneering position as the global blueprint for the future of finance, accelerating its mission to disrupt the fragmented onchain finance ecosystem by addressing longstanding industry challenges, including privacy vulnerabilities, security, scalability and accessibility.
As Wall Street embraces blockchain technology, the next chapter of global finance is being written, and it's happening onchain. In August, Ethereum's onchain volume reached over $320 billion, its highest level since mid-2021. Research also projects the DeFi sector to surge from $32.36 billion in 2025 to over $1.5 trillion by 2034.
However, this potential remains untapped due to critical concerns raised by a surge of issues on decentralized platforms. These issues include "whale hunting", where large trades are front-run or exploited by sophisticated actors scanning the mempool. Such tactics lead to billions in annual losses from maximum extractable value (MEV) attacks and other manipulative tactics. Further challenges include smart contract exploits, compliance hurdles on public chains, a siloed onchain ecosystem, and a lack of ease of use for everyday people.
Grvt is the only player in the field with a solid head start and tech infrastructure to change that. The Series A round was co-led by Grvt’s foundational technology partner ZKsync; Further Ventures, a leading capital markets infrastructure investment firm based in Abu Dhabi, which also led the strategic investment round into Grvt (deal closed last December); EigenCloud (fka EigenLayer), a verifiable cloud platform that lets developers build any application; and 500 Global (formerly 500 Startups), a venture capital firm with $2.3B in AUM investing in founders with a global outlook building fast-growing startups.
Unlocking new generation of opportunities for private DeFis
Majority of the funds raised will accelerate Grvt's multi-pronged product strategy, designed to serve both active traders and passive investors. This unique approach is absent from the current exchange scene, solidifying Grvt’s unrivaled position to dominate and unify the fragmented onchain financial landscape and bring it to mainstream. Key pipelines include:
- Fixed Yield Generation Flywheel: An industry-first yield vehicle that lets users effortlessly move funds between their funding, trading, and vault accounts, and maximize returns.
- Infrastructure: Keep strengthening Grvt’s privacy-by-default infrastructure which is lacking in the industry.
- Stablecoin-Enabled System: A robust stablecoin business foundation, including cross-exchange vaults and real-world asset (RWA) integrations.
The remaining funds will fuel community initiatives and talent acquisition to drive global expansion.
Hong Yea, co-founder and CEO at Grvt, commented: "Onchain finance has been held back by privacy gaps that expose users to exploitation. By building a privacy-driven, scalable, and trustless DEX that offers a wide array of structured products, Grvt exemplifies how ZK-powered solutions will become the new normal for everyone, realizing the vision of an open and secure onchain finance world."
Alex Gluchoski, co-founder and CEO at Matter Labs, commented: “We believe ZK is the 'HTTPS moment' for crypto. Just as HTTPS took the internet mainstream by adding a layer of trust and privacy, ZK will do the same for Web3. Grvt is uniquely positioned to be the most liquid and impactful application layer to help realize this vision, their dedication and progress excellently demonstrates how ZK can bring onchain finance to mainstream.”
Faisal Al Hammadi, Managing Partner, Further Ventures, “Further Ventures is committed to backing the next generation of financial infrastructure from Abu Dhabi to the world. Grvt’s application of zero-knowledge proofs demonstrates how cutting-edge cryptography can underpin markets at institutional scale, and we are proud to support their vision for a truly borderless financial system.”
Sreeram Kannan, Founder and CEO at Eigen Labs, “Verifiable data powers verifiable compute, and with EigenDA now at 100 MB/s, the bottleneck has shifted from data to compute. Grvt is tackling that frontier head-on. Their ambitious vision is matched by the caliber of their team, and we’re thrilled to back them alongside ZKSync in bringing onchain finance to cloud scale with the security and privacy it requires.”
Min Kim, General Partner at 500 Global, commented: "We believe the next frontier of finance will be built onchain, and privacy is a foundational element to unlock its full potential. 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. We’re excited to partner with Grvt as they set a new standard for secure, private, and accessible onchain markets."
Looking ahead: What's next for Grvt?
Building on Grvt’s innovative foundation, which has already delivered several industry firsts – such as a -1 bps maker fee rebate for all maker orders (a benefit traditionally reserved for institutions) – the immediate next step is the launch of our fixed-yield product. This product will ensure a 10% interest rate return for all users. We will also introduce our flagship market-making strategy, the Grvt Liquidity Provider (GLP), a fund strategy that provides high double-digit APRs, which was once inaccessible to retail traders.
Amid the industry's rapid growth, this funding round establishes a robust, multi-layered foundation. It combines cutting-edge technology, institutional-grade infrastructure, and a secure data framework to create a platform that solidifies its strong position in the increasingly crowded onchain financial space.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team