GRVT, operator of the world’s first regulated decentralized exchange (DEX), is embarking on a USD 20m-USD 30m Series A fundraising to ramp up growth and its product roster, said co-founder and CEO Hong Yea.

The hybrid cryptocurrency exchange operator, which functions as a self-custodial centralized exchange (CEX), intends to start the formal fundraising process in the first quarter of 2025 and finalize the deal by the end of the second quarter, Yea, a former executive director at Goldman Sachs, told Mergermarket.

He added that GRVT is happy to entertain both crypto and traditional venture capital (VC) firms. It is particularly keen to attract the latter to its cap table to enhance the platform’s robustness and compliance, he said, noting that GRVT sees itself as “more than just a crypto company” and is aiming to expand the business with support from traditional investors.

It may hear pitches from investment banks and law firms with investor referrals but is not actively asking for assistance, said Yea.

The funds will be used to accelerate GRVT’s expansion strategy in licensing and product development, he added.

GRVT holds a Class M (modified) digital asset business license issued by the Bermuda Digital Asset Business Act (DABA) and is working towards upgrading this to a Class F (full) license this year, the CEO said. It also plans to apply for a cryptocurrency exchange license in Dubai, UAE, and for a Markets in Crypto-Assets Regulation (MiCA) license in Europe in 2025, he explained.

Despite already having a crypto exchange license in Bermuda, Yea stressed that getting local licenses is crucial to expand into different regions.

In addition, GRVT plans to launch a spot order book exchange for cryptocurrency trading and to introduce a fiat on-ramp service that allows users to deposit traditional currencies and convert them into stablecoins, said Yea. It is also developing smart contract-driven investment products that offer trustless investment vehicles for both individuals and institutional clients.

“We wanted to leverage blockchain as a technology to create a trustworthy financial platform,” he said. “Our goal wasn’t to develop a decentralized finance or crypto company, but rather to build a platform that makes traditional financial systems less centralized, or to ‘blockchainize’ traditional finance.”

On 22 January 2025, GRVT announced a USD 5m strategic investment from Further Ventures, an Abu Dhabi-based VC firm specializing in capital markets infrastructure.

Since its establishment in November 2022, GRVT has raised USD 14.3m across three fundraising rounds. Yea, along with co-founders Chief Operating Officer Matthew Quek and Chief Technology Officer Aaron Ong, remains the controlling shareholder.

Eyes trading volume growth

GRVT enables users to buy, sell, trade and invest in financial products, leveraging smart contracts to ensure self-custody scalability and security, according to Yea, who heads up a team of 52, about half of whom are engineers.

The digital currency exchange officially rolled out its platform in December 2024, he said. Between 20 December 2024 and 17 February 2025, it had recorded a total trading volume of USD 2.4bn, with approximately 35,000 KYC-approved users. It is aiming to hit a daily trading volume of USD 1bn-plus and up to 200,000 KYC-approved users by June 2025, reckons Yea.

GRVT is projected to generate at least USD 7m in monthly revenue by June, he said. He declined to disclose additional figures, but said he was optimistic about the industry’s future, buoyed by clearer regulatory frameworks in Europe and the US.

The company has identified Coinbase as a key competitor, notwithstanding the fundamental differences in their technology stacks. While Coinbase operates on a centralized framework, GRVT emphasizes its fully decentralized model, which offers advantages around compliance and scalability.

GRVT also pits itself against traditional financial institutions like Goldman Sachs. By aspiring to become the “Amazon of financial products”, it is seeking to deliver trustless services on blockchain technology, thereby reshaping the financial services industry, said Yea. He added that over the next two years, GRVT is looking to develop a scalable financial platform that extends beyond crypto assets.

“Ultimately, we are building something that will transform the industry in the next 10 years,” said Yea.