VerifyVASP, a Singapore-based compliance startup, has concluded its Series A investment led by FTX Ventures at $100 million valuation.

FTX Ventures, together with Peak Capital and Bcharu, have invested $5 million into the company to cement its position as the Travel Rule solution trusted by reputable digital asset businesses, VerifyVASP said in a statement.

With the closure of Series A investment, VerifyVASP said it 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, it will introduce a Travel Rule dashboard together with a consultation service.

According to the statement, under the guidance from the Financial Action Task Force (FATF), Travel Rule compliance is being mandated in an increasing number of jurisdictions as a way to mitigate money laundering (ML)/ financing of terrorism (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 and 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 1.5 million Travel Rule compliant digital asset transfers amounting to $40 billion in value, making it a leading global Travel Rule solution provider.

“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 and sustainable expansion of digital asset industry without hindering innovation,” said Shih Yun Chia, the Chief Executive Officer of VerifyVASP.

According to the statement, 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.

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