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 underline the growing traction of the platform and its commitment to compatible and innovative DeFi solutions in the region.
The strategic investment by Further Ventures, a prominent player in capital market infrastructure, highlights their belief in GRVT’s vision and its potential to innovate in the financial sector. This partnership aims to strengthen the development of institutional quality investment products in the Middle East.
Additional 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 offering to both retail and institutional traders in the Middle East and aligns with the exchange’s ambition to obtain a capital markets license in the Abu Dhabi Global Market.
Hong Yea, co-founder and CEO of GRVT, expressed excitement about the partnership with Further Ventures, which he believes will be critical to the exchange’s growth and expansion in Abu Dhabi’s dynamic crypto ecosystem. Mohamed Hamdy, Managing Partner at Further Ventures, praised GRVT’s approach of combining decentralized finance (DeFi) with traditional finance principles (TradFi) with an emphasis on compliance and self-sufficiency.
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