UAE Leads $19M Investment in GRVT DEX
- UAE’s Further Ventures leads $19M funding in GRVT DEX.
- Investment marks significant financial backing in crypto.
- Potential growth in zero-knowledge tech in crypto.
UAE’s Further Ventures and ZKsync co-led a $19 million Series A investment in GRVT, a ZK-powered decentralized exchange, marking significant support from key players in Abu Dhabi’s venture capital scene.
The investment underscores the growing importance of privacy-driven, scalable decentralized exchanges in the crypto market, potentially shaping future financial infrastructures and enhancing blockchain adoption globally.
UAE’s Further Ventures, along with ZKsync, has co-led a $19 million investment in GRVT, a hybrid decentralized exchange. This funding round aims to enhance the privacy-driven DEX platform by utilizing zero-knowledge technology. Further Ventures is focused on expanding financial infrastructures globally.
The Series A round included participation from EigenCloud and 500 Global, supporting product development and global expansion. Hong Yea, Co-founder & CEO, GRVT, stated, “By building a privacy-driven, scalable, and trustless DEX that offers a wide array of structured products, GRVT exemplifies how ZK-powered solutions will become the new normal for everyone, realizing the vision of an open and secure onchain finance world.” CEO Hong Yea highlights the adoption of zero-knowledge solutions as crucial for open finance while Alex Gluchowski emphasizes its broader impact on Web3 adoption.
The funding is expected to support the creation of structured financial products on GRVT, directly impacting Ethereum’s Layer-2 and other related assets. Institutional support from the UAE underscores its prominence in the crypto sector. Market experts view this as a pivotal moment for zero-knowledge technologies in DeFi.
Financially, GRVT aims to integrate real-world assets and expand developer teams. The increase in total value locked (TVL) in Ethereum’s Layer-2 could result from this liquidity influx. GRVT has previously raised $5 million in earlier funding rounds.
The investment in GRVT signifies strong institutional confidence in ZK-driven decentralization, targeting promising financial infrastructure changes. This engagement may accelerate Ethereum adoption in hybrid markets, heightening the competition for liquidity among decentralized finance stakeholders.
Industry analysts suggest ZK-driven DEXs could lead to a jump in trading volumes and diversified asset integration. Historically, similar investments in exchanges foster increased adoption rates and innovation, enhancing the broader crypto-market outlook.
