GRVT is a cutting-edge hybrid derivatives exchange, empowering a new era of cryptocurrency trading. Welding together the simplistic UX of a Centralized Exchange (CEX) with the self-custody environment of a Decentralized Exchange (DEX), GRVT aims to usher in the next wave of users to the cryptocurrency industry. To do that, they needed a secure, scalable, and equally streamlined onboarding mechanism that enabled AML crypto compliance and comprehensive crypto KYC.
The Challenge
Deepfake attacks on crypto exchanges are expected to surge by 245% in 2024 as cybercriminals increasingly employ sophisticated techniques to circumvent financial safeguards. In response, advanced compliance technology is emerging as a crucial tool in combating money laundering and illicit crypto activities.
In this climate, GRVT required an Anti-Money Laundering (AML) crypto provider capable of delivering both top-notch security and a seamless user experience. This task called for zero downtime, maximum data extraction precision, and a wide range of best-in-class AML solutions.
At GRVT, we recognize that compliance with AML and KYC is essential to building trust in the digital assets ecosystem. Having a strong technology partner is crucial, and we are thrilled to collaborate with ComplyCube to deliver a secure and scalable trading environment.
With millions of users ready to join the exchange, a solely accurate onboarding process would fall short of meeting needed security requirements. The selected Know Your Customer (KYC) solution needed to be scalable, offering cost-effective and comprehensive global coverage to support user onboarding worldwide.
The Solution
As the first regulated DEX to settle directly on the blockchain, GRVT’s focus on implementing KYC and AML screening from day one marks a pivotal step toward compliance and security. This initiative aims to attract a diverse range of traders, including traditional finance professionals, and solidify their reputation in the evolving crypto landscape.
To support their ambitious compliance goals, GRVT has partnered with ComplyCube to provide cutting-edge KYC and AML solutions. As a cornerstone of GRVT’s security framework, ComplyCube’s technology ensures the highest standards of security and reliability.
ComplyCube delivers a leading crypto KYC and AML solution to cryptocurrency firms worldwide, supporting their expansion into new markets. The providers’s state-of-the-art Identity Verification (IDV) solutions offer a seamless yet highly reliable client onboarding experience. Utilizing advanced AI-powered verification and matching engines, they can verify clients’ documents and facial biometrics in less than 25 seconds, ensuring an exceptional level of identity assurance.
This assurance is further strengthened by comprehensive Anti-Money Laundering (AML) checks, which include screening for Politically Exposed Persons (PEP), adverse media, and sanctions and watchlists. Once a user signs up for GRVT through ComplyCube’s IDV process, these AML checks are automatically run in the background, identifying any irregularities or potential risks.
GRVT was particularly impressed with the cost-effectiveness of ComplyCube’s solutions. Since ComplyCube’s technologies are proprietary and don’t rely on third parties, the AI-powered provider can offer best-in-class solutions at competitive rates while minimizing downtime.
By mid-2024, the number of crypto users was approximately 560 million, and this figure is projected to exceed 1 billion by the end of 2025.
The rapid expansion of the cryptocurrency market is undeniable, and GRVT’s own data reflects this momentum. With over 2.5 million users ready to onboard even before the platform’s official launch, the scale of GRVT’s impact is already evident. This immense influx of users highlights the importance of ComplyCube’s cost-effective solutions, ensuring seamless and secure onboarding for a global audience.
Like ComplyCube, GRVT has a new business model in the crypto exchange sector. Working with zero-knowledge (zk) technology (via zkSync’s infrastructure), GRVT facilitates secure, decentralized trading without disclosing trade details to the public, a controversial facet of typical DEX trading.
