ZKsync GRVT, a hybrid cryptocurrency exchange, has received a strategic investment of $5 million led by venture capital firm Further Ventures, backed by Abu Dhabi’s sovereign wealth fund ADQ. GRVT It was last brought to the agenda when its main network became operational in December last year.
Investment Process of Cryptocurrency Exchange GRVT
CEO of GRVT Hong Yeaannounced that the investment tour started in October last year and was completed in December. Yea stated that they preferred the equity structure in this round and reserved the GRVT coin for the community. GRVT in earlier seed and pre-seed rounds coin He used his guarantees.
With the new investment, GRVT’s total capital increased to 14.3 million dollars. This figure includes $7.1 million in pre-seed and seed rounds, as well as a $2.2 million private coin sale in March 2024. With this investment, the platform aims to focus on new business lines in the cryptocurrency market.
The GRVT team increased the number of employees from 19 to 52 in 2024. Moreover, the platform plans to selectively hire for new engineering and product development roles later this year. Moreover GRVT coinis planned to be released in the second half of this year.
New Targets and Licensing Processes
GRVT initially focused on cryptocurrency futures. Currently, the average daily transaction volume of the platform is around 50 million dollars. Yea stated that they reached 800 active traders and 55 corporate customers. He also stated that more than 32 thousand users have completed the authentication process.
With the new investment, GRVT will also launch spot and option transactions. However, the platform exists Bermuda Class M plans to upgrade its license to a full Class F license. Also in the European Union MiCA license in Dubai Virtual Assets Regulatory Authority license and in Abu Dhabi Global Market capital markets license It has been reported that efforts are being made to obtain it.
Director of Further Ventures Mohamed Hamdypointed out GRVT’s structure that prioritizes compliance with regulations and allows users to control their own assets. Hamdy added that this approach could be the bridge between DeFi and CeFi.
In his statement, Hamdy underlined that Further Ventures currently manages assets worth $200 million. Besides GRVT twinstake, Tungsten And Kemet Trading He stated that they also invested in crypto money initiatives such as.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
