Sparrow joins VerifyVASP alliance as part of global AML initiative
Sparrow is proud to announce that we’ve joined the VerifyVASP alliance as part of a global AML initiative.
VerifyVASP is a Singapore-based “Travel Rule” solution provider. 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.
Kenneth Yeo, CEO of Sparrow said, “We are proud to join the VerifyVASP alliance, together with the other prominent APAC blockchain and crypto organizations. The partnership will help to enhance our audit trials and further ensure that our platform remains safe, secure and globally compliant.”
A spokesperson for Lambda 256 said, “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,”
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, Upbit APAC, VCC, Zipmex, and the Indonesian Blockchain Association.
Sparrow | www.sparrowexchange.com is the leading options trading platform, providing the simplest way to control risk and monetize your digital assets.
Headquartered in Singapore, Sparrow offers BTC and ETH options that are settled by smart contracts. Sparrow’s proprietary platform is accessible through a simplified interface, advanced order book, or trading APIs.
VerifyVASP Pte. Ltd. is a “Travel Rule” solution provider, focusing on a decentralized protocol for virtual asset service providers to instantly and securely share data. The company’s solution, also named VerifyVASP, is specifically designed to comply with the “Travel Rule” requirements introduced by the Financial Action Task Force in 2019. VerifyVASP is a member of Blockchain Association Singapore and the Singapore FinTech Association.
About Lambda 256
Lambda256 was established in 2018 to solve a wide range of problems that exist with current blockchain platforms and focus on R&D of BaaS 2.0, which aims to provide an all-in-one solution for commercialization of blockchain. A subsidiary of Dunamu Inc., Lambda256 and launched BaaS 2.0 platform Luniverse in 2019 to facilitate the development of decentralized services in a secure and easy-to-use manner with the need to create a separate blockchain ecosystem.