GRVT, a hybrid cryptocurrency exchange utilizing ZKsync technology, has successfully secured a $5 million investment led by Further Ventures, with support from Abu Dhabi’s sovereign wealth fund, ADQ. This investment comes following the launch of GRVT’s mainnet in December of last year, drawing significant interest in the crypto market.
How Did GRVT Secure This Investment?
According to GRVT’s CEO, Hong Yea, the funding process initiated in October and was finalized by December. The exchange chose to structure this round through equity, allocating GRVT coins specifically for community involvement, a shift from previous funding rounds that involved coin collateral.
What Are GRVT’s Future Plans?
With the new capital, GRVT’s total funding now stands at $14.3 million. This sum combines earlier seed investments and a private coin sale conducted in March 2024. The exchange aims to diversify its services within the cryptocurrency sector, initially focusing on futures trading, which currently sees an average daily volume of $50 million.
Highlights of GRVT’s recent developments include:
- Expansion into spot and options trading.
- Upgrading from a Bermuda Class M license to a full Class F license.
- Pursuing MiCA licensing in the EU and additional regulatory approvals in Dubai and Abu Dhabi.
Mohamed Hamdy from Further Ventures emphasized GRVT’s dedication to regulatory compliance, aiming to strike a balance between decentralized and centralized finance for user empowerment. This investment positions GRVT strategically for future growth in an increasingly competitive cryptocurrency landscape.
