This week, we hear from Marcus Low who is currently working on the Virtual Asset Monitor (VAM) project.

Marcus from Team VAM

What is a Virtual Asset Monitor (VAM)?

VAM is a compliance product for financial institutions to perform their Anti-Money Laundering (AML) duties for cryptocurrencies.

Stack of cryptocurrency. Image Credits:https://forkast.news/wp-content/uploads/2021/04/stack-of-cryptocurrencies-scaled.jpg

Potential AML risk with up and rising cryptocurrencies

Cryptocurrencies have always been a favorite medium of exchange for criminals on the dark web, given its pseudo-anonymity properties. Furthermore, given the resurgence of cryptocurrencies as an alternative form of investment predominantly due to Bitcoin’s explosive increase in price, it seemed the perfect time for the team to tackle this problem.

Second mover disadvantage

Marcus shares with us that while doing VAM’s competitor analysis, the team researched on the current incumbents in the cryptocurrency AML space, aand soon realised that the headstart the first movers had on top of the funding they have on hand would make it almost impossible to compete with them. The team had to find a way to differentiate itself from the other players in the market.

Up next for VAM: building their prototype

While the team is looking forward to building VAM’s prototype, they face the problem of being unable to attract software developers to join the team.The short term solution to this would be to hire a third party development team from one of our neighbouring countries, but that would not be a sustainable long term solution.

From the Venture Builders of NTUitive, the Innovation and Enterprise Company of NTU — https://www.ntuitive.sg