GRVT Closes $2.2 Million Funding Round, Reaching $9 Million Total, with Backing from Major Trading Players like Flow Traders and Selini Capital
GRVT, an innovative hybrid cryptocurrency exchange platform, has just announced the closure of a strategic funding round, raising $2.2 million and bringing its total raised funds to $9 million.
Notably, leading trading firms and market makers, such as Flow Traders, Selini Capital, and Ampersan, participated in this latest funding round. They join a prestigious list of partners and investors, including Delphi Ventures, Matrix Partners, and ABCDE Capital.
GRVT: A Visionary Approach to Cryptocurrency Trading
Founded in 2022 and based in Singapore, GRVT positions itself as a non-custodial hybrid cryptocurrency exchange platform. Backed by Matter Labs, the creator of zkSync, the company aims to build the first official Appchain in this ecosystem.
GRVT aims to eliminate counterparty risk by merging traditional trading infrastructure with blockchain smart contract settlements, employing zero-knowledge proofs and Validium technology. The platform offers a combination of off-chain order matching and on-chain settlements, achieving speeds of 600,000 transactions per second with single-digit millisecond latency.
Rethinking Security in Cryptocurrency Exchange
The hybrid approach of GRVT is a response to the security and execution challenges in cryptocurrency trading, exacerbated by the risks associated with exchanges. These risks, including scams, phishing attacks, and regulatory issues, were highlighted during the recent crypto crisis.
“The recent crypto crisis has shown us that relying on purely centralized exchange models based on trust can pose significant risks. We aim to solve counterparty risk issues by using blockchain for settlements while maintaining the reliability and speed of CeFi exchanges. We believe a hybrid concept is the way forward to build a safer exchange, and for the future adoption of blockchain as crypto markets mature.” – Hong Yea, Co-founder and CEO of GRVT
Hong Yea, co-founder and CEO of GRVT, emphasizes the platform’s goal of addressing counterparty risk issues through blockchain settlements while preserving the reliability and speed of CeFi exchanges.
Features and Security on the GRVT Platform
GRVT aims to become one of the first companies to offer a high-quality institutional-grade hybrid exchange model. By separating exchange and custody functions, GRVT allows users to retain full ownership of their assets, using a combination of off-chain order matching and on-chain settlements. For institutional investors, the platform offers co-location services to execute larger orders more quickly.
User security is enhanced by a multi-layered security architecture that incorporates robust controls from both the web2 and web3 worlds, with features such as password login, two-factor authentication, wallet registration, private keys, and wallet whitelisting.
GRVT also stands out for its rigorous client verification protocols, including KYC and AML procedures, and collaborates closely with audit and pentesting partners such as Spearbit DAO and NCC Group.
A Private Beta Testnet
The private testnet for GRVT will begin on Tuesday, March 19, 2024, with a select group of industry partners. This phase will gradually open to other invited community test groups, paving the way for the official mainnet launch scheduled for the second half of this year.
