Compliance startup VerifyVASP has concluded its Series A investment at a US$100 million valuation. FTX Ventures together with Peak Capital and Bcharu invested US$5 million into the company to cement its position as a Travel Rule solution trusted by virtual asset service providers (VASPs).
Travel Rule compliance is being mandated in an increasing number of jurisdictions as a way to mitigate ML/FT risks in the area of digital asset transfers. However, implementation of this regulatory requirement has unearthed significant teething problems.
Multiple issues have cropped up from personal data protection and technical protocol data sharing to the variety of Travel Rule regulations across jurisdictions.
Based in Singapore, VerifyVASP provides a one stop Travel Rule solution encompassing counterparty due diligence, Travel Rule messaging and integrated risk monitoring for over 70 digital asset businesses from 24 countries, globally.
So far, the company has processed more than 1,500,000 Travel Rule compliant digital asset transfers amounting to USD $40 billion in value.
VerifyVASP will use its Series A funding to make compliance accessible to small and medium sized digital asset businesses by introducing a dashboard and consultation services, as well as an integrated risk monitoring service and analytical tools for larger businesses.
Along with its continued geographical expansion, the company will also continue to facilitate collaboration within the digital asset space, primarily between businesses and engagement with regulators.
Shih Yun Chia, CEO of VerifyVASP said,
“Travel Rule compliance greatly improves transparency in the digital asset ecosystem. We are committed to accelerating the global adoption of Travel Rule to promote responsible and sustainable expansion of the digital asset industry without hindering innovation.”
