GRVT Raises $7.1 Million to Build Innovative Hybrid Crypto Exchange
In the ever-evolving landscape of cryptocurrency exchanges, GRVT (pronounced “gravity”) has secured $7.1 million in funding to develop a hybrid exchange that aims to revolutionize the industry. This funding comes at a time when the crypto market faces challenges, but GRVT’s unique approach has garnered the attention of investors.
GRVT, founded by Hong Ye (CEO), Aaron Ong (CTO), and Matthew Quek (CCO), has attracted significant investment from notable backers and investors, such as Matrix Partners, Delphi, ABCDE, SIG, Zero Age, APP Works, and more. The funding, comprising $5 million in seed funding and $2.1 million in pre-seed funding, positions GRVT as a promising player in the cryptocurrency exchange arena. Let’s delve into the details of this innovative project and what sets it apart.
The Vision: A Hybrid Crypto Exchange
GRVT sets out to combine the strengths of centralized exchanges with the self-custody features of decentralized exchanges. GRVT aims to disrupt the dominance of CEXs by offering a unique self-custodial central exchange experience that, unlike the traditional DEXes, prioritizes user-friendliness. GRVT offers an intuitive interface that is designed for retail clients who might be new to the Web3 space. Here users can connect their wallets or create a default wallet using 0auth. The goal of GRVT is to offer a CEX-like experience while eliminating the risks, to make crypto trading safer and more accessible.
Their approach involves a blend of off-chain order matching and on-chain settlements, promising efficiency, transparency, and security.
- Off-Chain Order Matching: GRVT boasts a central limit order book capable of handling an impressive 600,000 transactions per second with less than two milliseconds of latency. This speed positions it among the industry’s top performers.
- On-Chain Settlements: To ensure transparency and accuracy, trades on GRVT’s platform are finalized on-chain through smart contracts deployed on zkSync Era, a high-performance Layer-2 blockchain.
Competition and Launch Timeline
GRVT is gearing up to compete directly with established centralized exchanges, for example Binance, OKX, Bybit, etc.. The platform is scheduled to launch in Q1 2024, initially focusing on crypto perpetual and options trading. Support for spot trading will be added in April, diversifying its offerings.
With a fresh injection of capital, GRVT plans to expand its licensing efforts. Currently holding a virtual asset service provider (VASP) license in Lithuania, the company is in the process of applying for a Bermuda license. The expansion is not limited to geographical boundaries, as GRVT aims to secure permits in the Middle East and Europe.
Team Expansion and Advisory Board
GRVT’s growth strategy includes expanding its team in key areas such as sales, marketing, compliance, and engineering. With 16 employees across multiple locations, including Singapore, Hong Kong, the U.K., and Lithuania, the company is well-positioned for expansion.
The company benefits from the guidance of industry-leading advisors, including Darius Sit, founder and CIO of QCP Capital, and Tom Shaughnessy, co-founder of Delphi Digital. Delphi Digital will advise GRVT on its native token, slated for launch in late 2024.
Using such resources at hand, GRVT’s ambitious roadmap includes the launch of central limit order book trading for perpetual and options, alongside the introduction of request-for-quote (RFQ) trading for derivatives combinations, all scheduled for Q1 2024.
Addressing Counterparty Risk
Counterparty risk has been a concern in the cryptocurrency space, particularly highlighted by the collapse of prominent exchanges. GRVT’s hybrid model, bridging traditional and blockchain-based approaches, presents a scalable and accessible alternative. By enabling users to have full custody over their assets through self-custodial trading, the platform aims to eliminate counterparty risk while maintaining low latency and compliance standards.
GRVT’s successful funding rounds demonstrate the industry’s appetite for innovative solutions that address the challenges of the crypto market. With a strong team, influential advisors, and a clear vision, GRVT is poised to make waves in the cryptocurrency exchange arena. As they prepare for their upcoming launch, all eyes are on GRVT as they work towards a safer and more efficient exchange experience.
In a crypto landscape marked by volatility and uncertainty, GRVT aims to be a stabilizing force, ushering in a new era of secure and efficient trading. Here are some noteworthy features of the platform:
- Self-Custody Trading: GRVT empowers users with complete control over their crypto assets, securing them with blockchain-based smart contracts and private keys, ensuring asset safety even in the event of exchange failure.
- Lightning-fast Order Book: GRVT’s central limit order book, hosted on high-performance servers, achieves an industry-leading 600,000 trades per second with ultra-low latency, ensuring users never miss out on market opportunities.
- On-chain Privacy: Unlike traditional DEXes, GRVT leverages zkSync’s Validium technology to protect sensitive trading data by storing it off-chain and encrypting it before adding it to the blockchain, safeguarding users against malicious actions like front-running.
- Portfolio Margin & Cross Margin: Enhanced security measures, including password, two-factor authentication, private key controls, trader access control, and wallet whitelisting, ensure a safe trading environment.
- Gasless Execution: GRVT covers gas fees related to trading, eliminating fees for submitting and canceling orders, making trading more cost-effective for users.
GRVT is a one-stop solution that ensures ease-of-use and freedom for every scale crypto trader.
GRVT, headquartered in Singapore and established in 2022, is at the forefront of the cryptocurrency exchange industry. The company’s core mission is to tackle the counterparty risk prevalent in the crypto sector by seamlessly merging traditional trading infrastructure with the cutting-edge blockchain technology of zkSync Era, an Ethereum Layer-2 scaling solution.
What truly sets GRVT apart is its exceptional team, hailing from renowned institutions such as Goldman Sachs, Facebook, DBS, Bybit, OKX, and crypto.com. Their combined expertise positions GRVT as a game-changer in the ever-evolving crypto exchange landscape, offering users a secure, efficient, and innovative trading experience.