ZKsync-Based GRVT Exchange Raises $5M, Plans Spot and Options Trading
GRVT, a hybrid cryptocurrency exchange built on Ethereum's Layer 2 network ZKsync, has secured a $5 million strategic investment led by Further Ventures, a venture capital firm backed by Abu Dhabi's sovereign wealth fund, ADQ. This latest funding round brings GRVT's total capital raised to $14.3 million and positions the platform for significant expansion in the coming year.
Equity Deal: A Focus on Community and Future Growth
The investment, structured as equity, differs from GRVT's previous pre-seed and seed rounds, which included token warrants. According to GRVT co-founder and CEO Hong Yea, the equity structure was chosen to reserve the GRVT token for the community while allowing the holding company to explore multiple business lines in the future.
Early Success: Strong Trading Volume and User Base
GRVT's mainnet alpha launched last month, initially focusing on crypto perpetual trading. The platform has already attracted 800 active traders and 55 institutional clients, reporting an average daily trading volume of $50 million. Yea also noted that over 32,000 users have completed the platform's know-your-customer (KYC) verification.
Ambitious Plans: Expanding Services and Seeking Global Licenses
With the new funding, GRVT plans to broaden its offerings, adding crypto spot and options trading this year. The company is also actively pursuing regulatory approvals in multiple jurisdictions, including a full Class F license in Bermuda (upgrading its current "modified" Class M license), a MiCA license in the European Union, a Virtual Assets Regulatory Authority license in Dubai, and a capital markets license in Abu Dhabi Global Market (ADGM).
Further Ventures' Vote of Confidence: Bridging DeFi and TradFi
Further Ventures' investment in GRVT follows its recent $16 million funding round for crypto wallet technology firm Dfns, whose tools are utilized by GRVT. Mohamed Hamdy, managing partner at Further Ventures, highlighted GRVT's "compliance-first, self-custody approach" as a key factor in the investment decision, suggesting it could bridge the gap between decentralized finance (DeFi) and traditional finance (TradFi) and ultimately improve crypto adoption.
Team Expansion and Token Launch on the Horizon
The GRVT team has grown significantly, expanding from 19 members last year to 52, with plans for further selective hiring in product and engineering roles. The company also aims to launch its own token in the second half of this year.