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Blockchain firm VerifyVASP raised $5 M Series A funding

Peak Capital, Bcharu, and FTX Ventures—the venture capital division of the largest cryptocurrency exchange, FTX—all participated in a series A investment round to raise $5 million for the Singapore-based blockchain company VerifyVASP. The agreement raised the startup’s estimated value to $100 million USD.

VerifyVASP, a company that was established in 2019, has created a solution for Travel Rule compliance, which mandates that financial institutions provide specific information when transferring funds. Risks associated with money laundering and terrorism financing are reduced with this method.

More than 1.5 million transfers of digital assets that adhere to the Travel Rule have been handled by the company, and these transactions have a combined value of $40 billion US.

Shih Yun Chia, a former executive at Morgan Stanley, founded the business. With the money, VerifyVASP intends to roll out analytical tools to enhance the compliance process for larger firms as well as expand its service to small- and medium-sized digital asset enterprises.

 

 

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