SINGAPORE – GRVT, a hybrid cryptocurrency exchange, has announced a $5 million investment from Abu Dhabi-based Further Ventures, bringing its total funding to $14.3 million.
This investment follows GRVT’s recent acquisition of a Class M digital asset trading 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 30-day trading volume of nearly $1.3 billion, with a record 24-hour trading volume of $88 million. These figures underline the growing appeal of the platform and its commitment to compliant and innovative DeFi solutions in the region.
The strategic investment from Further Ventures, a leading player in the capital markets infrastructure space, underlines its confidence in GRVT’s vision and its potential for innovation in the financial sector. This partnership aims to strengthen 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 retail and institutional traders in the Middle East, and it aligns with the exchange’s ambition to obtain a capital markets license from Abu Dhabi Global Market.
Hong Yea, co-founder and CEO of GRVT, expressed his enthusiasm for the partnership with Further Ventures, which he believes will be key to the growth of the exchange and its expansion into Abu Dhabi’s vibrant crypto ecosystem. Mohamed Hamdy, Managing Partner at Further Ventures, praised GRVT’s approach of combining the principles of decentralized finance (DeFi) with the principles of traditional finance (TradFi), with a focus on compliance and self-preservation.
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