Hybrid Crypto Exchange GRVT Secures $3.3B Monthly Volume Commitment

September 09, 2024 10:47 PM AEST | By Team Kalkine Media

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Hybrid Crypto Exchange GRVT Secures $3.3B Monthly Volume Commitment — Image source: shutterstock

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Cryptocurrency exchange GRVT has secured a significant commitment of $3.3 billion in monthly trading volume from 16 major market makers, ahead of its planned mainnet launch in the fourth quarter of 2024. This commitment comes from prominent market makers such as Galaxy Trading Asia, DV Chain, CMS, and others, who have pledged to provide substantial trading activity on the platform.

Hong Yea, co-founder and CEO of GRVT, attributes this achievement to the platform's advanced hybrid technological stack. The hybrid model aims to merge the efficiency of traditional finance (TradFi) with the security and transparency of blockchain technology, while offering a user experience comparable to Web2 platforms. Yea highlighted that GRVT’s approach addresses one of the major criticisms of decentralized finance (DeFi)—the steep learning curve and subpar user experience that often drive newcomers towards {centralized exchange} (CEX).

The strategic partnerships with 16 leading market makers, including Galaxy Trading Asia, Ampersan, Amber Group, IMC, Flow Traders, Pulsar, QCP, and Selini, reflect confidence in GRVT's value proposition. These market makers, also known as liquidity providers, are expected to enhance the platform’s liquidity and trading capabilities. The collaboration is particularly noteworthy given the platform’s goal of creating a comprehensive trading environment where users can access a wide range of assets in one place.

Since launching its open beta testnet on August 5, GRVT has attracted over 2.5 million users to its waitlist. While the $3.3 billion in monthly trading volume represents a substantial commitment for a hybrid exchange, it is relatively modest compared to the volume handled by leading exchanges. For context, Binance, the world’s largest {crypto} currency exchange, reported a monthly trading volume exceeding $484 billion in August, according to Newhedge data.

As GRVT approaches its mainnet launch, these developments underscore the platform’s to bridge the gap between DeFi and TradFi, offering a more accessible and user-friendly trading experience.

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