As a seasoned analyst with over two decades of experience in the financial industry, I find this collaboration between ComplyCube and GRVT to be a game-changer in the crypto space. The integration of advanced KYC/AML solutions with a next-gen hybrid derivatives exchange like GRVT is not just about compliance, but also about building trust in the digital assets ecosystem.
London, England, October 2nd, 2024, Chainwire
In a strategic partnership, the world’s top provider of Anti-Money Laundering (AML) and Know Your Customer (KYC) services, ComplyCube, has teamed up with GRVT, a cutting-edge hybrid derivatives exchange focused on reshaping the global financial landscape using blockchain technology. This collaboration empowers both parties to swiftly onboard users in large numbers while adhering to international crypto regulations. The partnership ensures secure, compliant, and effortless user sign-ups for millions of users eager to join the platform.
In 2024, it’s expected that deepfake attacks targeting cryptocurrency exchanges will surge by 245%. As cybercriminals grow more sophisticated, using advanced tactics to outwit financial security measures, the development of innovative compliance technology becomes crucial in the battle against money laundering and illegal crypto activities.
As a forward-thinking crypto investor, I’ve been keeping a close eye on GRVT, a dynamic hybrid derivatives exchange that entered the scene in 2022. What sets it apart is its ability to handle an impressive 600,000 transactions per second (TPS) through off-chain order matching and on-chain settlements.
In today’s digital currency market, having a strong Anti-Money Laundering (AML) and Know Your Customer (KYC) system is essential for establishing a reputation of trustworthiness and security. GRVT stands out as the first decentralized exchange (DEX) to directly settle transactions on the blockchain that is regulated. This early commitment to perform KYC and AML screenings from the start demonstrates a trailblazing move towards increased compliance, allowing for a wider variety of Traditional Finance (TradFi) traders, not just crypto-focused ones, to participate in the market.
In rebuilding the global financial system from scratch using blockchain technology, GRVT sought a Know Your Customer (KYC) provider who matched its dedication to an effortless user experience by offering immediate sign-up with no service interruptions and exceptional precision in data retrieval. This is crucial as we expect a significant influx of new users in the coming years, and such swift and accurate onboarding will be essential to meet this demand.
Hong Yea, GRVT’s Co-Founder and CEO, stated, “We understand that adhering to AML and KYC regulations is key to fostering trust in the digital asset market. In this fast-paced industry, maintaining rigorous compliance standards is paramount for safeguarding our platform and preserving both our users’ security and the financial system as a whole. We’re excited to be working with ComplyCube to create a secure and expandable trading infrastructure.”
To ensure success for our new hybrid exchange, it was essential to find a scalable and efficient KYC/AML solution that could handle transactions from millions of global users concurrently. Given the anticipation of over 2.5 million registrants, a cost-effective solution with broad global reach became a necessity. After careful consideration, ComplyCube emerged as the optimal choice. By utilizing automated enhanced due diligence checks, GRVT can now swiftly onboard users in under a minute, providing robust identity verification.
Dr. Tarek Nechma, the CEO of ComplyCube, spoke about the partnership, saying, “Collaborating with GRVT enables us to showcase the global versatility and trustworthiness of our Anti-Money Laundering (AML) and Know Your Customer (KYC) solutions. We are honored to assist them in establishing a secure, compliant, and innovative trading platform for users from all around the world.
GRVT’s automated onboarding process gets a boost from ComplyCube’s advanced user verification tools, creating a smooth and secure experience for users without compromising on data precision. This upgrade is vital as it allows GRVT to meet growing regulatory standards while staying ahead of the competition. The focus on high-quality data leads to faster compliance decisions, thereby strengthening trust between GRVT and its user community.
With more organizations like the Financial Action Task Force and Basel Committee, along with national entities, endorsing technology and automation as crucial tools for combating financial crimes, ComplyCube stands ready to carry on its commitment to establish widespread trust through these advanced methods.
Mohamad Alsalehi, CTO of ComplyCube, stated, “Modern technologies are not just altering the appearance of the financial world; they’re also being misused to wash large amounts of money. Platforms like GRVT require strong tools for identifying and stopping illicit activities at their roots. Our partnership with ComplyCube offers GRVT these tools, enhancing trust in the digital financial system we all interact with.
Through the assistance of ComplyCube, GRVT has stepped into the limelight as a leading crypto exchange, experiencing consistent growth. Unlike other service providers, ComplyCube offers flexible and tailored solutions designed to meet the distinctive requirements of the exchange. This adaptability enabled them to swiftly onboard numerous new users from their initial launch, contributing significantly to their projected growth trajectory.
About ComplyCube
ComplyCube stands out as a top provider for Identity Verification (IDV), Anti-Money Laundering, and Know Your Customer compliance services within various industries. Their solutions are noteworthy due to their dependability and flexibility, which can be tailored using robust SDKs and APIs. ComplyCube is an ISO-certified company that strives to help businesses navigate the intricacies of compliance and customer acquisition in the financial sector. To explore more about them, visit www.complycube.com.
About GRVT
GRVT, established in 2022, is a cutting-edge derivatives exchange that blends traditional and blockchain-based trading. It boasts rapid off-chain matching of orders and on-chain settlements, achieving an astounding throughput of 600,000 transactions per second (TPS). GRVT’s mission is to revolutionize the global financial infrastructure by harnessing the power of blockchain technology, enabling more people to create and truly own their wealth without restrictions. Often referred to as the “Goldman Sachs of blockchain,” GRVT applies institutional knowledge to the decentralized finance sector. Our aim is to establish a dynamic, expansive marketplace—much like the “Amazon of DeFi”—where users can effortlessly explore various financial products.
For media inquiries, contact: press@grvt.io
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In simple terms, GRVT is not authorized or regulated by the UK’s Financial Conduct Authority and does not work with any UK-based financial firms. The platform is not designed for use by individuals or entities within the United Kingdom. Moreover, GRVT does not invite or facilitate crypto asset trading for UK residents or businesses. Additionally, neither GRVT nor investments in cryptocurrencies fall under the jurisdiction of the Financial Ombudsman Service or are protected by the Financial Services Compensation Scheme in the event of a loss.
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2024-10-02 15:33