[Singapore – August 7, 2020] VerifyVASP, a Singapore-based “Travel Rule” solution provider, today announced that 12 virtual asset service providers (VASPs) and related industry organizations have joined the company’s VerifyVASP alliance. Introduced by the Financial Action Task Force last year, the Travel Rule is an anti-money laundering initiative that requires VASPs to share and report relevant transaction information.
In partnership with Lambda256, a subsidiary of Dunamu and operator of Asia’s largest blockchain-as-a-service platform, VerifyVASP offers a Travel Rule solution based on a decentralized protocol that allows for secure and instant data-sharing among alliance members.
VerifyVASP facilitates information transfer between VASPs in seconds via API communication while utilizing public key encryption to secure data without accessing any personal information.
VerifyVASP alliance partners include a wide range of blockchain and virtual asset service providers including exchanges, fintech platforms, and data analysis firms: Bitkan, Indodax, Legatus Global, Merkle Science, Pintu, Pundi X, Skybit, Sparrow, Upbit APAC, VCC, Zipmex, and the Indonesian Blockchain Association.
While currently focusing on the APAC region, VerifyVASP and Lambda 256 plan to rapidly expand the alliance to include service providers in North America and Europe.
"A strong alliance network is critical in offering an effective and scalable Travel Rule solution, so we’re thrilled so many great partners decided to join us. We plan to actively expand the VerifyVASP alliance through global partnerships,” said a spokesperson for Lambda 256.