London, October 2, 2024 — ComplyCube, the RegTech100 global leader in Anti-Money Laundering (AML) and Know Your Customer (KYC) solutions, has partnered with GRVT, the next-generation hybrid derivatives exchange, to redefine the global financial system through blockchain technology. Together, they will onboard users at scale while ensuring compliance with international crypto regulations, delivering secure, compliant, and seamless crypto onboarding for millions of users eager to sign up.
Rising Cyber Threats and the Role of Compliance Technology
With deepfake attacks on crypto exchanges projected to rise by 245% in 2024, cybercriminals are increasingly utilizing advanced methods to bypass financial safeguards. As a result, innovative compliance technology is now a cornerstone in the fight against money laundering and illicit crypto activities.
A Trailblazer in the Crypto Space
Founded in 2022, GRVT is a hybrid derivatives exchange that combines off-chain order matching with on-chain settlements at an impressive speed of 600,000 TPS. Ahead of its Q4 Mainnet launch, GRVT has already secured commitments from 16 leading market makers and a monthly volume of $3.3 billion, backed by over 40 institutional clients including notable names such as Galaxy Trading Asia Limited, Ampersan, Amber Group, IMC, Flow Traders, Pulsar, QCP, and Selini.
In today’s volatile crypto landscape, the importance of robust AML and KYC solutions cannot be overstated. GRVT is set to become the first regulated decentralized exchange (DEX) to settle directly on the blockchain, pioneering greater compliance from day one. This move aims to attract a broader range of traders, including those from traditional finance sectors and crypto-native participants.
Building Trust with Robust KYC & AML Crypto Compliance
As GRVT seeks to redesign the global financial system through blockchain, the exchange requires a KYC provider capable of matching its commitment to providing a seamless user experience. It needed to ensure instant onboarding, zero downtime, and unmatched accuracy in data extraction to handle the expected surge of new users in the coming years.
Having a robust technology partner like ComplyCube ensures that we can offer a secure and scalable trading environment.
GRVT’s Co-Founder and CEO, Hong Yea, remarked, “At GRVT, we understand that AML and KYC compliance is essential for building trust in the digital assets space. In such a fast-evolving market, maintaining high compliance standards is crucial for protecting both our users and the broader financial system. Having a robust technology partner like ComplyCube ensures that we can offer a secure and scalable trading environment.”
Meeting Global Scale with Advanced Solutions
Given the scale of GRVT’s ambitions, the chosen KYC/AML solution had to be capable of processing millions of transactions simultaneously across global markets. With over 2.5 million users ready to join the hybrid exchange, a cost-effective and globally scalable solution was essential. ComplyCube emerged as the perfect partner, offering automated enhanced due diligence checks that allow GRVT to onboard users in less than a minute while maintaining the highest levels of identity verification.
We’re proud to support GRVT in building a secure, compliant, and innovative trading environment for users around the world.
Dr. Tarek Nechma, CEO of ComplyCube, commented, “Partnering with GRVT showcases the global applicability and reliability of our AML and KYC solutions. We’re proud to support GRVT in building a secure, compliant, and innovative trading environment for users around the world.”
Seamless, Secure, and Scalable Solutions for a Global User Base
ComplyCube’s advanced user verification solutions power GRVT’s automated onboarding process, providing a seamless and secure user experience without compromising on data accuracy. This capability is vital for adhering to rapidly evolving regulatory requirements while giving GRVT a competitive edge. Superior data integrity ensures faster compliance decisions, reinforcing the trust between GRVT and its growing user base.
As key regulatory bodies, such as the Financial Action Task Force and Basel Committee, increasingly advocate for the use of technology to combat financial crime, ComplyCube is well-positioned to continue its mission of building trust on a global scale.
Crypto exchanges like GRVT need robust tools to detect and prevent illicit activities. ComplyCube’s IDV and AML solutions empower GRVT to achieve this, adding a crucial layer of trust to the digital financial ecosystem.
“Advanced technologies are not only reshaping the financial industry but also being exploited for laundering vast sums of money. Crypto exchanges like GRVT need robust tools to detect and prevent illicit activities. ComplyCube’s IDV and AML solutions empower GRVT to achieve this, adding a crucial layer of trust to the digital financial ecosystem,” said Mohamed Alsalehi, CTO of ComplyCube.
Driving Growth and Trust for GRVT
ComplyCube has played a pivotal role in supporting GRVT as it continues to gain momentum in the crypto space. Unlike other providers, ComplyCube’s solutions are adaptable, customizable, and tailored to GRVT’s specific needs, allowing the exchange to onboard thousands of users from day one and accelerate its growth trajectory.
About ComplyCube
ComplyCube is an industry leader in Identity Verification (IDV), Anti-Money Laundering (AML), and Know Your Customer (KYC) compliance solutions. Renowned for its reliable offerings across multiple sectors, the company’s solutions are programmable via powerful SDKs and APIs. ISO-certified, ComplyCube is dedicated to helping businesses navigate the complexities of compliance and client acquisition in the financial sector.
About GRVT
Founded in 2022, GRVT (pronounced “gravity”) is a hybrid derivatives exchange offering off-chain order matching and on-chain settlements at a remarkable speed of 600,000 TPS. GRVT’s mission is to transform the global financial system using blockchain technology, empowering individuals to create and fully control their wealth. Dubbed the “Goldman Sachs of blockchain,” GRVT combines institutional expertise with the potential of decentralized finance. GRVT’s vision is to create an open, scalable marketplace—similar to the “Amazon of DeFi”—where users can easily access a variety of financial products.
Disclaimer
Disclaimer: Cryptocurrencies carry high risks. This content is not a distribution of, or an offer or solicitation to provide, financial services or products, nor a representation as to their suitability or legality for you. GRVT is not a regulated entity and your funds are not subject to regulatory protection. Before making any decision based on this content, please seek financial and legal advice, and carefully review GRVT’s Risk Disclosure and Disclaimer in full.
UK users: GRVT is not licensed or regulated by the Financial Conduct Authority in any capacity, and does not engage with any authorised firms in the United Kingdom. GRVT is not intended to be accessed by persons in the United Kingdom. GRVT does not solicit business or transactions in crypto assets from residents or entities operating in the United Kingdom. Neither GRVT nor investments in crypto assets are covered by the Financial Ombudsman Service or subject to protection under the Financial Services Compensation Scheme.
