Singapore, Singapore, March 19th, 2024
GRVT Secures Strategic Funding from Leading Trading Firms and Market Makers
The innovative hybrid cryptocurrency centralized exchange (CEX), GRVT, has recently announced a strategic fundraise of $2.2 million, bringing the total raised to an impressive $9.3 million. This significant investment comes as GRVT prepares to launch its private beta platform.
- QCP Capital, Selini Capital, Antelope, Pulsar Trading, and Ampersan have shown interest in participating in this strategic round.
- GRVT is developing the first official self-custodial exchange on zkSync, aiming to be the leader in providing an institutional-quality hybrid exchange model.
Institutional investors are offered a unique opportunity with GRVT’s beta platform, enabling them to contribute towards building the future of seamless UX/UI centralized exchanges. This groundbreaking platform combines the security of autonomous on-chain settlement and self custody with the reliability and throughput of CeFi exchanges.
GRVT: Driving Innovation in Crypto Trading
As a pioneering self-custodial CEX, GRVT is backed by Matter Labs, the creator of zkSync. The platform is building the first official Appchain on the ecosystem and has attracted over 2 million retail users to its waitlist due to the successful zkSync Mystery Box campaign.
Addressing Counterparty Risk in Crypto Trading
“The last crypto crisis underscored the risks associated with relying on purely centralized exchange models that are built on trust. Our mission is to eliminate counterparty risk by using blockchain for settlements while retaining the reliability and throughput of CeFi exchanges,” said Hong Yea, GRVT’s Co-founder and CEO. “We believe a hybrid concept is the future to build a safer exchange and propel further blockchain adoption as crypto markets evolve.”
GRVT’s Platform Features: A New Standard for Crypto Exchanges
GRVT’s platform will introduce central limit order books for perpetuals and options trading, along with RFQ and spot trading later this year. It also offers efficient margin models like portfolio and cross margining, allowing users to have full custody of their assets through mixing off-chain order matchings and on-chain settlements.
GRVT’s platform ensures the elimination of counterparty risk by utilizing smart contracts, while maintaining the same onboarding flow, liquidity, and trading efficiency found on CEXs. Zero-knowledge proofs and Validium technology are employed to ensure privacy by keeping trade and margin details hidden from the public.
“QCP Capital is excited to support GRVT as they develop a new model for crypto exchanges, merging the efficiency of CeFi with the security of DeFi. We believe GRVT’s focus on self-custody and on-chain settlements will significantly enhance the crypto exchange experience for users, offering greater security and reliability,” said Darius Sit, Founder and CIO of QCP Capital.
Enhanced Security and Protection Services
GRVT differentiates itself by implementing robust security features from web2 and web3, including password login, two-factor authentication, wallet registration, private keys, and whitelisting wallets.
Unlike many centralized and decentralized exchanges, GRVT emphasizes rigorous client screening procedures such as KYC and AML checks. It also collaborates with auditing and pentesting partners like Spearbit DAO and NCC Group, and is currently pursuing licenses in Bermuda, the Middle East, and Europe.
GRVT’s Private Beta: A New Era of Crypto Trading
GRVT’s private beta will start on March 19, 2024, with a select group of industry influencer partners. The platform will gradually open up to more testers from the community before the launch of the official mainnet, scheduled for the second half of this year.
About GRVT
GRVT is a Singapore-based self-custodial cryptocurrency hybrid exchange, founded in 2022. Backed by Matter Labs, the creator of zkSync, GRVT is building the first official hyperchain for the ecosystem. The platform aims to eliminate counterparty risk by combining traditional trading infrastructure with blockchain smart contract settlement, utilizing zero-knowledge proofs and Validium technology. GRVT offers a speed of 600,000 transactions per second with a single-digit millisecond latency. The exchange will debut with central limit order book trading for perpetuals and options, with plans for RFQ and spot trading in the future.
