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 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 a 30-day trading volume of nearly $1.3 billion, with a record 24-hour trading volume of $88 million. These figures underline the platform’s growing traction and commitment to innovative and compliant DeFi solutions in the region.
The strategic investment from Further Ventures, a leading player in capital markets infrastructure, highlights its confidence in GRVT’s vision and its potential to innovate in the financial sector. This partnership aims to drive 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 for retail and institutional traders in the Middle East, and aligns with the exchange’s ambition to obtain a capital markets license from the Abu Dhabi Global Market.
Hong Yea, co-founder and CEO of GRVT, expressed his excitement about the partnership with Further Ventures, which he believes will be instrumental in the growth and expansion of the exchange in Abu Dhabi’s dynamic crypto ecosystem. Mohamed Hamdy, managing partner at Further Ventures, praised GRVT’s approach of combining decentralized finance (DeFi) with the principles of traditional finance (TradFi), emphasizing compliance and self-custody.
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