Hybrid cryptocurrency exchange GRVT has achieved a significant milestone by obtaining regulatory approval from the Bermuda Monetary Authority (BMA).
On December 6, the company announced securing a Class Modified (M) Digital Asset Business License under the Bermuda Digital Asset Business Act (DABA). This license enables GRVT to operate as a regulated decentralized exchange (DEX), marking a critical step in its journey toward becoming a leader in the hybrid crypto exchange space.
According to GRVT’s co-founder and CEO, Hong Yea, the exchange plans to upgrade to a Class Full (F) license by mid-2025. This progression would allow GRVT to expand beyond the sandbox environment, broadening its operational scope and cementing its position in the global crypto market.
With this achievement, GRVT joins an elite group of over 30 cryptocurrency companies licensed by the BMA, including prominent names such as Coinbase, Bittrex, and HashKey. This recognition underscores Bermuda’s role as a forward-thinking jurisdiction in digital asset regulation, providing a robust framework for fostering innovation while ensuring compliance.
GRVT’s acquisition of the BMA license positions it as one of the first regulated DEX operators. By bridging the gap between decentralized finance (DeFi) and centralized finance (CeFi), GRVT aims to create a seamless and integrated financial ecosystem.
The licensing process, which spanned 15 months, coincided with GRVT launching internal mainnet testing with institutional partners on December 4. Hong Yea revealed that the company is preparing for a public mainnet launch within two weeks. At that point, GRVT’s trading volume will become accessible through major external data providers, reflecting its transparency and commitment to growth.
Incorporated in November 2022, GRVT has rapidly built a strong foundation. It currently collaborates with 55 institutional partners and market makers trialing its testnet. These entities have collectively committed to a monthly trading volume of $4.2 billion. Additionally, GRVT boasts a retail user base of over 20,000 individuals, all of whom have completed Know Your Customer (KYC) procedures, ensuring compliance with regulatory standards.
Bridging CeFi and DeFi for a Unified Ecosystem
Hong Yea emphasized the potential for CeFi and DeFi ecosystems to coexist rather than operate in silos. He noted that regulatory frameworks play a crucial role in enhancing standards, improving market integrity, and fostering fair practices across decentralized platforms.
“We aim to unify cryptocurrency with mainstream finance, establishing a system where assets move freely and all forms of value coexist in one integrated ecosystem,” Yea stated.
He further highlighted that decentralization offers transparency, security, and user empowerment by redistributing control away from central authorities. Simultaneously, regulation ensures user protection and the promotion of fair market practices. According to Yea, these concepts are not mutually exclusive but complementary, with the potential to create a balanced and inclusive digital ecosystem.
GRVT’s licensing by the Bermuda Monetary Authority represents a groundbreaking step in the evolution of hybrid cryptocurrency exchanges. By merging CeFi and DeFi, the company is poised to set new standards in transparency, security, and regulatory compliance. With its public mainnet launch on the horizon and ambitious plans for expansion, GRVT is paving the way for a unified financial ecosystem that bridges the gap between traditional finance and the decentralized world.
