- ComplyCube has partnered with GRVT to streamline user onboarding and ensure compliance with global crypto regulations.
- GRVT is a hybrid derivatives exchange that combines off-chain order matching with on-chain settlements.
ComplyCube, a global leader in Anti-Money Laundering (AML) and Know Your Customer (KYC) solutions, has announced a new partnership with GRVT, a hybrid derivatives exchange leveraging blockchain technology. This collaboration aims to streamline user onboarding and ensure compliance with global crypto regulations.
GRVT’s next-generation platform is based on off-chain order matching coupled with on-chain settlement, which aims to revolutionize the financial sector. GRVT needed an AML and KYC solution that was able to support millions of users and was scalable to meet the company’s growth. By integrating with ComplyCube, GRVT is able to onboard users within a minute while at the same time offering improved identity verification and international accessibility.
The partnership comes at a time when deepfake attacks are expected to rise by 245% in 2024 in the crypto industry. The third quarter of 2024 has seen a notable decrease in reported cryptocurrency hacks. According to a report from cybersecurity firm CertiK, the overall financial damage rose by approximately 9.5%, totaling $753 million stolen from investors across 155 incidents.
GRVT Aims to Become First Regulated Decentralized Exchange
GRVT’s decision to implement a strong compliance solution right from the beginning of its operation is commendable. Launched in 2022, the GRVT is anticipated to be the first regulated DEX that will not only execute trades on a decentralized platform but also settle them on the blockchain.
One of the platform’s major competitive advantages is its emphasis on KYC and AML screening, which makes GRVT a reliable market player in both the cryptocurrencies and traditional financial worlds.
Hong Yea, Co-Founder and CEO of GRVT emphasized the importance of compliance in building trust within the digital assets space. “Collaborating with ComplyCube allows us to ensure a secure and scalable trading environment,” he said, highlighting the critical role of technology in safeguarding the financial system.
Regulators are increasingly turning to artificial intelligence as the primary means of countering financial crime, and this makes ComplyCube’s offerings well-placed to assist GRVT in meeting the expanding requirements.
ComplyCube provides automated enhanced due diligence checks, enabling GRVT to onboard users in under a minute. Additionally, this capability is vital for accommodating an anticipated influx of over 2.5 million new users. This collaboration positions both companies at the forefront of secure, compliant crypto trading, ensuring a robust defense against financial crime.
This news comes as ComplyCube has recently partnered with the American Association of Motor Vehicle Administrators (AAMVA) and the UK’s Driver and Vehicle Licensing Agency (DVLA) to strengthen users’ identity verification processes. This partnership aims to enhance biometric driver verification by allowing direct access to driving license information from both American and British authorities.
