Cryptocurrency Exchange GRVT Receives Bermuda License

GRVT CEO Hong Yea said GRVT expects to receive approval to operate in Bermuda by mid-2025. At that point, the company will offer cryptocurrency exchange and trading services to customers.
It took 15 months for GRVT to secure preliminary approval from the regulator, with the licensing date coinciding with the start of the platform’s mainnet testing. GRVT plans to launch the mainnet to all users in about two weeks.
The CEO said GRVT will be one of the first DEX operators to combine decentralized and centralized finance (DeFi and CeFi). In his opinion, these ecosystems should not be separated, as regulatory compliance helps decentralized exchanges implement universal standards intended for traditional companies. Yea expressed regret that many companies still view DeFi as untested, unsafe, and unregulated.
“Cryptocurrency can be combined with the world of finance, creating an integrated ecosystem where all assets move freely. Decentralization frees up control from central authorities, promoting transparency, security, and customer empowerment, while regulatory compliance ensures that users are protected from market manipulation,” explained the GRVT CEO.
GRVT was founded in November 2022. More than 30 major crypto companies are licensed by the Bermuda regulator, including Coinbase (NASDAQ:COIN), Bittrex, and HashKey. Last year, the Bermuda government expressed its willingness to cooperate with crypto companies.