Here's VerifyVASP! This Singaporean crypto startup just raised a $5M Series A. What do they do? They help financial institutions that allow people to send crypto fund transfers stay compliant.

• They've processed over 1.5M digital asset transfers (worth a total of $40B) that follow the Travel Rule.

Investor check. Peak Capital, Bcharu and FTX Ventures also joined in.

• With this round, their valuation has hit $100M.

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😬 Not the fun type of travel

The crypto Travel Rule means crypto businesses are expected to exchange information about the sender to the recipient (and vice versa) as long as the amount of crypto being sent/transacted is worth over $1000.

• The data usually needed? The names of the sender and recepient, the address of the sender and the account number of the sender and recepient.
• Not all the same. Different countries can be stricter (or laxer) than others — in the US, the Travel Rule kicks in at $3000, not $1000!

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🤷🏻‍♀️ But why bother?

Complying to the Travel Rule is being mandated in more and more countries to help lower the risk of crypto being used for money laundering and the financing of terrorism. (Yup, I'm sure none of us would want that!)

Here's where they come in. VerifyVASP's one-stop solution makes complying with the Travel Rule simple, secure and scalable!

• They have everything, from counterparty due diligence and Travel Rule messaging to integrated risk monitoring.

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🙌🏼 Next up

With the $$$, they'll be making Travel Rule compliance accessible for small and medium-sized digital asset businesses.

• They'll also be releasing analytical tools to improve the compliance process for larger companies, like a Travel Rule dashboard and a consultation service.