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VerifyVASP, a popular digital asset travel rule compliance solution provider, has completed its Series A funding round. The protocol announced the development in a Thursday blog post on its official handle. According to VerifyVASP, it raised US$100 million from the funding round.
FTX Ventures led the funding; Peak Capital and Haru are other participants in the round. Occasioned by this funding, VerifyVASP will cement its place as “the Travel Rule solution trusted by reputable digital asset businesses.”
According to VerifyVASP, it intends to “increase its effort towards making Travel Rule compliance an inclusive industry initiative.” Also, the protocol aims to avail small and medium-sized digital asset brands with Travel Rule compliance. This, according to VerifyVASP, will be achieved through its introduction of a Travel Rule dashboard and a consultation service.
The company also intends to avail “integrated risk monitoring service with plugins to third party solutions and Travel Rule analytical tools” to enhance the efficiency of compliance by large businesses.
VerifyVASP plans to sustain its geographical expansion, which will be actualized by its “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.”
In his reaction, Shih Yun Chia, the CEO of VerifyVASP, hinted that “the Travel Rule compliance greatly improves the transparency of the digital asset ecosystem.” Chia added that VerifyVASP has a “road-tested technological solution and hands-on experience” and thus remains committed to accelerating the worldwide adoption of the Travel Rule. This, as revealed, will help to aid “responsible and sustainable expansion of the digital asset industry without hindering innovation.”
VerifyVASP takes Bitkup as the 55th alliance member
This funding round comes a few months after VerifyVASP announced that Bitkub, a popular crypto exchange in Thailand, joined its Alliance as a 55th member. According to the protocol, Bitkup will harness its membership to expand its reach by “ensuring compliance with global Travel Rule guidelines through VerifyVASP’s patented, industry-proven solutions.” Additionally, VerifyVASP pledged its support to Bitkub’s security and governance.
VerifyVASP is a renowned one-stop Travel Rule solution provider. The solution aids “counterparty due diligence, Travel Rule messaging and integrated risk monitoring toward over 70 digital asset businesses from 24 countries, globally.” The protocol has, over time, processed over 1,500,000 Travel Rule-compliant virtual asset transfers. This reportedly amounts to about $40 billion in value, cementing its place as a foremost Travel Rule solutions provider.
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