VerifyVASP, a Singapore-based provider of compliance tools and regulatory technology (RegTech), revealed on Thursday that it had raised $5 million in Series A investment at a valuation of $100 million. According to VerifyVASP, FTX Ventures managed the fundraising, including participation from Peak Capital and Bcharu. VerifyVASP was established in 2019 to assist virtual asset service providers (VASPs) in complying with the Travel Rule’s anti-money laundering obligations. The Financial Action Task Force (FATF) finalized guidance last year recommending that participating nations adopt a Travel Rule for VASPs. The Travel Rule requires VASPs to collect and transmit names, account numbers, and locations for both the sender and the receiver in a transaction to prevent money laundering and terrorist funding. Closed-Network For Data Exchange According to VerifyVASP, it offers an exclusive closed network for members that makes it easier for them to exchange safe data for Travel Rule compliance. According to its website, members include Bybit, Deribit, Crypto.com, FTX, FTX.US, and Huobi. VerifyVASP asserts to have handled more than 1.5 million transfers of digital assets that complied with the Travel Rule and were worth $40 billion. VerifyVASP says it intends to sign up more members, particularly small and medium-sized digital asset enterprises, now that it has more funding. It plans to launch a consulting service and a dashboard for the...
