Hybrid crypto exchange GRVT receives $3.3 billion monthly volume commitment

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Cryptocurrency exchange GRVT has received a contractual agreement of $3.3 billion in monthly trading volume, ahead of its anticipated mainnet launch.

The hybrid crypto exchange received a $3.3 billion monthly trading volume agreement from popular market makers such as Galaxy Trading Asia Limited., DV Chain, CMS and others, who committed to deliver this trading volume on a monthly basis.

The achievement can partly be attributed to GRVT’s hybrid technological stack, according to Hong Yea, the co-founder and CEO of GRVT. 

Speaking about GRVT’s value proposition compared to centralized exchanges (CEXs), Yea told Cointelegraph:

“To really combine the best of CeFi and DeFi, to build an ultimate trading experience for users, the solution is to leverage blockchain for settlement and keep trading infrastructure or the order book offchain.”

GRVT’s Hong Yea, interview with Cointelegraph’s Zoltan Vardai Source: YouTube

The significant monthly trading volume commitment comes shortly ahead of GRVT’s mainnet launch, scheduled for the fourth quarter of 2024.

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DeFi is still lacking user experience, but hybrid exchanges can fill the gap

One of the most pressing criticisms of decentralized finance (DeFi) is a lack of user experience, which is making crypto beginners opt for centralized exchanges instead.

This steep learning curve is often intimidating crypto holders from decentralized solutions, explained Yea:

“DeFi is an extremely interesting piece of technology, yet many users still use CeFi. The main reason around that is because DeFi is still very difficult to use.”

GRVT’s Hong Yea, interview with Cointelegraph’s Zoltan Vardai, clip 2. Source: YouTube

As a hybrid exchange, GRVT aims to combine the efficiency of traditional finance (TradFi) with the secure settlement of the blockchain layer while striving for a user experience similar to Web2.

Related: Sonic blockchain reaches record 720ms finality in testnet phase

GRVT partners with 16 leading market makers

Ahead of its mainnet launch, GRVT secured a strategic commitment from some leading market makers, also known as liquidity providers in crypto.

The 16 market makers include Galaxy Trading Asia Limited., Ampersan, Amber Group, IMC, Flow Traders, Pulsar, QCP, Selini, and more. 

The new collaborations are mainly attributed to the platform, where “anyone can trade anything” in one place, explained Yea:

“These collaborations are one of the very first and critical steps towards our mission to offer a convenient and efficient platform for deploying investment strategies, trading, and generating self-custodial wealth in an open, trustless environment through exchange liquidity, smart contracts, and community distribution.”

GRVT has been in open beta testnet since Aug. 5, with over 2.5 million registered users on the waitlist.

Crypto exchanges, monthly trading volumes. Source: Newhedge

While the $3.3 billion trading volume is impressive for a hybrid exchange, it remains a small fraction compared to the world’s largest exchange, Binance, which surpassed $484 billion in monthly trading volume during August, according to Newhedge data.

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