GRVT, a hybrid cryptocurrency trading platform, has secured a Class M Digital Asset Business License from Bermuda’s authorities, marking a significant step in bridging traditional finance with DeFi innovation.
By Chimamanda U. Martha
Edited by Marco T. Lanz
Updated
3 mins read
GRVT, a hybrid cryptocurrency trading platform, has secured its position as the latest decentralized exchange (DEX) to obtain regulatory approval in Bermuda.
On Friday, December 6, the company announced that it has secured a Class M Digital Asset Business License from the Bermuda Monetary Authority (BMA), signaling a new era for Decentralized Finances (DeFi) as it pushes toward broader mainstream and institutional adoption.
The new regulatory milestone highlights GRVT’s commitment to bridging the gap between decentralized and traditional finance. By integrating innovation with regulatory compliance, the exchange aims to build trust with institutional investors who have been cautious about engaging with unregulated DeFi platforms.
The company said the Class M license was issued under the Bermuda Digital Asset Business Act (DABA), permitting it to operate in a regulated environment while preparing for a Full Class F license.
GRVT plans to become a fully licensed DEX in Bermuda by mid-2025. According to the announcement, the upgrade would allow the firm to expand its services to a global audience beyond its current sandbox operations.
Commenting on the achievement, GRVT co-founder and CEO Hong Yea said the license represents the company’s commitment to removing the technological barrier separating the world of traditional financial economy and the Web3 ecosystem.
“Compliance is the cornerstone of our mission to integrate decentralized finance into the global financial system. This license represents our dedication to establishing a secure, transparent, and accessible financial ecosystem that bridges the gap between innovation and trust,” he said.
The license acquisition comes after 15 months of rigorous preparations, during which GRVT also conducted internal testing of its mainnet.
The platform plans to launch its mainnet to all users in two weeks, enabling trading volumes to be tracked through external data providers.
GRVT currently collaborates with 55 institutional partners and 17 market makers, boasting a contractual trading volume of $4.2 billion per month.
GRVT’s regulated status solidifies its role in advancing the Centralized-Decentralized Finance (CeDeFi) movement, which merges the reliability of traditional financial systems with the efficiency of decentralized technologies. The company envisions a unified ecosystem where assets can flow seamlessly between centralized and decentralized platforms.
The Honorable E. David Burt, Premier of Bermuda, attributed the company’s successful license registration to the country’s comprehensive regulatory framework.
“Bermuda is proud to lead the way in providing clear and supportive regulations for digital finance businesses. GRVT’s success demonstrates the strength of our approach in fostering innovation,” he said.
Meanwhile, apart from Bermuda, GRVT is actively working with regulators in other jurisdictions. The company is aligning its practices with the European Union’s Markets in Crypto-Assets (MiCA) framework and collaborating with the Abu Dhabi Global Market (ADGM) to secure licenses in key financial hubs.
These initiatives reflect GRVT’s ambition to lead the global DeFi movement by integrating regulatory compliance across multiple regions, ensuring that its services meet the highest standards for both institutions and individual users.
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Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
