SINGAPORE - GRVT, a hybrid cryptocurrency exchange, announced a $5 million investment from Abu Dhabi-based Further Ventures, bringing its total funding to $14.3 million.
The investment follows GRVT's recent acquisition of a Class M Digital Asset Business License from the Bermuda Monetary Authority, positioning it as the world's first regulated decentralized exchange (DEX).
GRVT's Mainnet Alpha, launched last month, reported a 30-day trading volume of nearly $1.3 billion, with a record 24-hour trading volume of $88 million. These figures underscore the platform's growing traction and its commitment to compliant and innovative DeFi solutions in the region.
The strategic investment by Further Ventures, a prominent player in capital markets infrastructure, highlights their belief in GRVT's vision and its potential to innovate in the financial sector. This partnership aims to bolster the development of institutional-grade on-chain investment products in the Middle East.
Further Ventures will support GRVT in areas such as product development, legal and regulatory compliance, talent acquisition, and business expansion. This collaboration is expected to enhance GRVT's offerings to both retail and institutional traders in the Middle East, and it aligns with the exchange's ambition to obtain an Abu Dhabi Global Market capital markets license.
Hong Yea, Co-Founder and CEO of GRVT, expressed enthusiasm for the partnership with Further Ventures, which he believes will be pivotal in the exchange's growth and expansion into Abu Dhabi's dynamic crypto ecosystem. Mohamed Hamdy, Managing Partner at Further Ventures, commended GRVT's approach to combining decentralized finance (DeFi) with traditional finance (TradFi) principles, emphasizing compliance and self-custody.
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