ComplyCube, the global leader in Anti-Money Laundering (AML) and Know Your Customer (KYC) solutions, has collaborated with GRVT, the next-generation hybrid derivatives exchange that aims to restructure the global financial system by leveraging blockchain technology, to onboard users at scale while achieving compliance with global crypto regulations. ComplyCube and GRVT have partnered to ensure secure, compliant, and smooth onboarding for millions of people who are prepared to join up.
In 2024, deepfake attacks against cryptocurrency exchanges are predicted to increase by 245%. As hackers persist in using state-of-the-art methods to circumvent financial security measures, creative compliance technology becomes indispensable in the battle against money laundering and unlawful cryptocurrency operations.
GRVT is a hybrid derivatives exchange that was established in 2022 and provides outstanding 600,000 TPS on-chain settlements together with off-chain order matching. Even before its Q4 Mainnet debut, it has secured $3.3 billion in monthly volume commitment from over 40 institutional customers, including Galaxy Trading Asia Limited, Ampersan, Amber Group, IMC, Flow Traders, Pulsar, QCP, Selini, and others. It also has 16 prominent market makers.
A strong AML and KYC solution is essential in the present crypto environment to establish a reputation for dependability and security. The first regulated DEX to settle straight on the blockchain will be GRVT. In an effort to serve a wider spectrum of TradFi traders than just those who are familiar with cryptocurrencies, it has taken a ground-breaking move toward increased compliance by implementing KYC and AML screening from day one.
In order to handle the expected spike in new users over the next few years, GRVT, which is rebuilding the global financial system from the ground up using blockchain technology, needed to find a KYC provider that shared its dedication to seamless UX by offering instant onboarding with zero downtime and unmatched accuracy in data extraction.
Hong Yea, Co-Founder and CEO at GRVT, commented:
“At GRVT, we recognize that compliance with AML and KYC is essential to building trust in the digital assets ecosystem. In a rapidly evolving market, upholding high standards of compliance is vital to ensuring the security and integrity of our platform, protecting both our users and the broader financial system. Having a strong technology partner is crucial, and we are thrilled to collaborate with ComplyCube to deliver a secure and scalable trading environment.”
The ideal KYC/AML solution also has to be scalable and able to handle millions of users’ transactions at once on a global scale. More than 2.5 million people were prepared to register for the new hybrid exchange, therefore a low-cost solution with wide international coverage was a must. ComplyCube turned out to be the best option. By using automated improved due diligence processes that provide a high degree of identity assurance, GRVT can now enroll individuals in less than a minute.
Dr. Tarek Nechma, CEO of ComplyCube, commented on the partnership, stating:
“Joining forces with GRVT allows us to demonstrate the global applicability and reliability of our AML and KYC solutions. We are proud to support them in creating a secure, compliant and innovative trading environment for users worldwide.”
The sophisticated user verification solutions from ComplyCube enable GRVT’s automated onboarding procedure, ensuring a secure and easy user experience without compromising data accuracy. This improvement is essential since it allows one to stay competitive while adhering to changing regulatory requirements. Better data quality guarantees speedier compliance judgments, which increases user confidence in GRVT.
ComplyCube will be in a great position to carry out its goal of creating trust at scale as major regulators, like the Financial Action Task Force and Basel Committee, as well as national organizations, increasingly support technology and automation as the main lines of defense against financial crime.
Mohamad Alsalehi, CTO of ComplyCube stated:
“Advanced technologies are not just reshaping the financial landscape; they are also being exploited to launder substantial sums of money. Crypto exchanges like GRVT must be equipped with robust tools to detect and prevent illicit activities at their core. ComplyCube’s IDV and AML solutions enable GRVT to achieve this. Our partnership adds an essential layer of trust in the digital financial ecosystem we all participate in.”
ComplyCube has contributed to GRVT’s rise to prominence as the cryptocurrency exchange gains traction. ComplyCube’s services are flexible and may be tailored to meet the specific requirements of the exchange, in contrast to those of other providers. Because of this, they were able to enroll thousands of new users from the beginning, which accelerated their growth projections.