Decentralized crypto exchange GRVT has become the first platform of its kind in the world to receive an official business license in Bermuda. The license, issued by the Bermuda Monetary Authority (BMA), allows the company to provide digital asset services. GRVT currently holds a Class M license under the local Digital Asset Business Act (DABA). However, the full launch of the global platform will require meeting a number of conditions and obtaining a broader Class F license, IXBT reports.
The company's founders emphasize that this development could be an important step for the institutional adoption of decentralized finance (DeFi). According to GRVT representatives, the lack of clear regulatory standards has so far held back the interaction of traditional financial organizations with crypto platforms. Regulation by the BMA removes significant barriers and helps build trust among large investors.
GRVT, founded in 2022 in Singapore, utilizes innovative zero-disclosure proof-of-concept (ZK) technology and offers a hybrid operating model. The platform combines the benefits of centralized exchanges, such as liquidity and a user-friendly interface, with the security and transparency of decentralized solutions. GRVT is capable of processing up to 600,000 transactions per second while remaining non-custodial, meaning that it retains full control over client funds.
In Bermuda, operations will be conducted through GRVT International Limited. The company's success is expected to encourage other DeFi platforms to engage with the BMA, opening up new opportunities for the industry to grow under robust legal controls.
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