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Cryptocurrency exchange GRVT has signed a major agreement, securing $3.3 billion in monthly trading volume commitments from 16 top market makers ahead of its anticipated mainnet launch in the fourth quarter of 2024.
Among the market makers that have committed to delivering this trading volume are well-known firms such as Galaxy Trading Asia, DV Chain, CMS, and others. GRVT’s co-founder and CEO, Hong Yea, credited the platform’s hybrid technological stack for attracting this substantial commitment.
GRVT’s Hybrid Approach: Combining CeFi and DeFi
GRVT is designed to merge the benefits of centralized finance (CeFi) and decentralized finance (DeFi). Speaking in an interview, Yea emphasized the platform’s unique value proposition, saying:
“To truly combine the best of CeFi and DeFi and create the ultimate trading experience, we use blockchain for settlement while keeping trading infrastructure, such as the order book, off-chain.”
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This approach aims to offer users a more seamless experience, overcoming one of the primary issues plaguing DeFi—its steep learning curve. Many crypto beginners gravitate toward centralized exchanges due to the complexity of decentralized solutions, according to Yea.
Bridging the Gap Between CeFi and DeFi
Yea acknowledged that despite DeFi’s potential, it remains difficult for many users to navigate, driving them to rely on centralized exchanges. GRVT aims to address this by combining the efficiency of traditional finance (TradFi) with blockchain’s secure settlement, all while striving to provide a user-friendly experience similar to that of Web2.
Strategic Collaborations with Leading Market Makers
Ahead of its full launch, GRVT has partnered with 16 leading market makers, who are also known as liquidity providers. These include major players like Ampersan, Amber Group, IMC, Flow Traders, Pulsar, QCP, and Selini, among others.
Yea highlighted that these collaborations mark an important milestone in GRVT’s mission to offer a comprehensive trading platform, saying:
“These partnerships are a critical step towards our goal of creating an open, trustless environment where users can trade, deploy investment strategies, and generate self-custodial wealth through exchange liquidity, smart contracts, and community-driven distribution.”
GRVT’s Mainnet and Growing User Base
The platform has been in an open beta testnet since August 5, with over 2.5 million users currently on its waitlist. While the $3.3 billion monthly volume commitment is a significant achievement for GRVT, it is still a small fraction compared to Binance, the world’s largest exchange, which saw over $484 billion in monthly trading volume in August, according to Newhedge data.
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