Exchange Secures $3.3 Billion Monthly Trading Volume Before Mainnet Launch
The cryptocurrency exchange GRVT has secured a major $3.3 billion monthly trading volume agreement in anticipation of its upcoming mainnet launch.
The deal involves prominent market makers like Galaxy Trading Asia, DV Chain, and CMS, who have pledged to provide this trading volume on a monthly basis. GRVT’s co-founder and CEO, Hong Yea, attributes this achievement to the platform’s innovative hybrid technology.
Yea explained that GRVT aims to blend the strengths of both centralized and decentralized finance, leveraging blockchain for settlement while maintaining the trading infrastructure off-chain for an enhanced user experience. The mainnet is set to launch in the fourth quarter of 2024.
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GRVT addresses a common criticism of decentralized finance (DeFi), which often lacks user-friendliness compared to centralized exchanges (CEXs). Yea noted that while DeFi is promising, its complexity often drives users toward CEXs.
The platform has also established partnerships with 16 leading market makers, including Galaxy Trading Asia, Amber Group, and Flow Traders. These collaborations are a key step toward GRVT’s goal of providing a comprehensive platform for trading and investment strategies.
Currently in open beta testnet with over 2.5 million users on its waitlist, GRVT’s $3.3 billion trading volume is notable but still small compared to Binance, which reported over $484 billion in monthly trading volume in August.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
