Aditya Hadi Pratama · · 1 min readFTX Ventures joins $5m round of SG blockchain firm at $100m valuation
VerifyVASP, a Singapore-based blockchain firm, has raised US$5 million in a series A funding round joined by Peak Capital, Bcharu, and FTX Ventures – the VC arm of crypto exchange major FTX. The deal pushed the startup’s valuation to US$100 million.
The VerifyVASP team / Photo credit: VerifyVASP
Founded in 2019, VerifyVASP has developed a solution for Travel Rule compliance, which requires financial institutions to disclose certain information for fund transfers. This process is done to help mitigate money laundering and financing of terrorism risks.
The firm has processed more than 1.5 million digital asset transfers that follow the Travel Rule, with these transactions worth US$40 billion in total.
The company was established by former Morgan Stanley executive Shih Yun Chia. With the funding, VerifyVASP plans to extend its solution to small- and medium-sized digital asset businesses as well as to roll out analytical tools to improve the compliance process for larger companies.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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