GRVT Raises $5 Million to Expand Crypto Exchange Services

GRVT recently raised $5 million in funding. This money will help the exchange grow its services, focusing on spot and options trading. The equity round, led by Further Ventures, has brought GRVT’s total capital to $14.3 million. With daily trading volumes hitting $50 million, the exchange is ready for the next stage of expansion.

Big Plans Ahead for GRVT

GRVT’s CEO, Hong Yea, announced plans to roll out spot and options trading this year. The company just launched its mainnet alpha on ZKsync, a Layer 2 Ethereum network, allowing for crypto perpetual trading. 

Now, the exchange sees $50 million in average daily trading volume. With 800 active traders and 55 institutional clients, GRVT is steadily gaining traction. Over 32,000 users have also completed KYC verification.

The company plans to upgrade its Bermuda crypto license from Class M to Class F. GRVT will also pursue regulatory approvals in key regions, including the EU and Abu Dhabi. The new funding will help in product and engineering roles.

Commitment to Compliance and Custody

GRVT’s focus on compliance and self-custody stands out. Mohamed Hamdy, managing partner at Further Ventures, noted that this approach could bridge the gap between DeFi and traditional finance. 

The exchange has already hit a major milestone with $75 million in 24-hour trading volume. It has also added nine new trading pairs, including ZK, SOL, BNB, and more.

With ambitious plans and a strong focus on growth, GRVT is quickly becoming a key player in the crypto space. The exchange’s latest funding will help push these goals forward, making it an exciting platform to watch.