VerifyVASP Raises $5M Led by FTX Ventures at $100M Valuation
VerifyVASP, the global leader of digital asset Travel Rule compliance solution has concluded its Series A investment led by FTX Ventures at US$100M valuation. FTX Ventures, together with Peak Capital and Bcharu, have invested $5M into the company to cement its position as the Travel Rule solution trusted by reputable digital asset businesses.
Under the guidance from the FATF (Financial Action Task Force), 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. Given that it is essential to secure Travel Rule compliant connectivity in time, the implementation of this regulatory requirement has unearthed significant teething problems. Multiple issues have cropped up, from counterparty due diligence, personal data protection, technical protocol for secure & immediate data sharing to the variety of Travel Rule regulations across jurisdictions exacerbating the challenge and making it even more daunting.
Based in Singapore since 2019, VerifyVASP provides a one stop Travel Rule solution encompassing counterparty due diligence, Travel Rule messaging and integrated risk monitoring toward 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 $40B in value, making it a leading global Travel Rule solution provider.
Shih Yun Chia, the CEO of VerifyVASP said “The Travel Rule compliance greatly improves the transparency of digital asset ecosystem. With our road-tested technological solution and hands-on experience, we are committed to accelerate the global adoption of Travel Rule to promote responsible & sustainable expansion of digital asset industry without hindering innovation.”
With the closure of Series A investment, VerifyVASP will increase its effort towards making Travel Rule compliance, an inclusive industry initiative. As part of that effort in making Travel Rule compliance accessible to small and medium sized digital asset businesses, VerifyVASP will introduce a Travel Rule dashboard together with a consultation service. In addition, integrated risk monitoring service with plugins to third party solutions and Travel Rule analytical tools will greatly improve the compliance efficiency for the larger businesses. Along with its continued geographical expansion, VerifyVASP will continue to act as a conduit to stimulate and facilitate collaboration within the digital asset space, primarily between businesses and engagement with regulators by sharing its experience and best practices.
