ICYMI: Crypto regtech firm VerifyVASP raises funds at $100 million valuation
FTX Ventures led the funding, with Peak Capital and Bcharu participating.Thursday it has raised $5 million in Series A funding at a $100 million valuation.Founded in 2019, VerifyVASP helps virtual asset service providers to comply with anti-money laundering Travel Rule requirements. Last year, the Financial Action Task Force recommended that participating nations implement afor VASPs — essentially entities that facilitate transactions — in its finalized guidance.
VerifyVASP says it provides a members-only closed network that facilitates secured data transfers between members for Travel Rule compliance. Its members include Bybit, Deribit, Crypto.com, FTX, FTX.US and Huobi, according to its website. VerifyVASP claims to have processed more than 1.5 million Travel Rule compliant digital asset transfers amounting to $40 billion in value.
With fresh capital in hand, VerifyVASP says it plans to onboard more members, including small- and medium-sized digital asset businesses. To that end, it's looking to introduce a Travel Rule dashboard and a consultation service. © 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.Yogita is a senior reporter at The Block and covers all things crypto. Before joining The Block, Yogita worked for CoinDesk and The Economic Times.
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