GRVT, a hybrid cryptocurrency exchange based on ZKsync, received a strategic investment of $5 million led by Further Ventures, backed by Abu Dhabi’s sovereign wealth fund ADQ. The exchange gained attention when its mainnet became operational last December.
Investment Process of GRVT
GRVT’s CEO, Hong Yea, announced that the investment round began in October last year and concluded in December. He mentioned that they opted for equity structuring this time and allocated GRVT coins for the community. Previously, GRVT had utilized coin collateral in earlier seed and pre-seed rounds.
GRVT Investment
With this new investment, GRVT’s total capital has risen to $14.3 million. This figure includes $7.1 million from pre-seed and seed rounds and a private coin sale of $2.2 million that took place in March 2024. The platform aims to branch into new business lines within the cryptocurrency market with this funding.
New Goals and Licensing Processes
Initially focusing on cryptocurrency futures, GRVT’s average daily trading volume currently stands at $50 million. Yea stated they have reached 800 active traders and 55 institutional clients, with over 32,000 users completing the verification process.
With the new investment, GRVT will also launch spot and options trading. Additionally, the platform plans to upgrade its current Bermuda Class M license to a full Class F license while working towards obtaining MiCA licensing in the European Union, Virtual Assets Regulatory Authority licensing in Dubai, and a capital markets license in the Abu Dhabi Global Market.
Mohamed Hamdy, manager at Further Ventures, highlighted GRVT’s commitment to regulatory compliance and enabling users to control their own assets. He added that this approach could bridge DeFi and CeFi.