PayPal Joins the TRUST Network at Coinbase

PayPal-Joins-the-TRUST-Network-at-Coinbase
  • Crypto firms take action on the rules regarding the transportation of digital assets.
  • Other exchanges have also collaborated with the TRUST network.
  • PayPal launched cryptocurrency trading in October 2020.

With the addition of the crypto-oriented digital payments behemoth Paypal to the Travel Rule Universal Solution Technology (TRUST) network, a number of well-known crypto companies have taken steps to abide by the travel regulations for digital assets.

PayPal will endeavor to improve adherence to the so-called Travel Rule, which the Bank Secrecy Act mandates of US financial institutions, together with the rest of the TRUST network. When consumers make transactions totaling more than a specific amount, this regulation mandates that financial institutions communicate information about such customers.

The TRUST network from Coinbase seeks to release the required information while maintaining user privacy. By adopting a compliance and risk management solution from Exiger, it will stay away from using a central repository for user data and guarantee the reliability of its members.

Alongside Coinbase, a number of prominent cryptocurrency exchanges, including Binance.US, Crypto.com, Gemini, and Kraken, are a part of TRUST. The USDC issuer Circle, the asset manager Fidelity Digital, the stock and cryptocurrency trading software Robinhood, and the cryptocurrency lender Nexos are further companies collaborating in the network.
In October 2020, PayPal launched cryptocurrency trading. It added to those functions this summer, enabling consumers to withdraw and deposit cryptocurrency for the first time in June. PayPal’s move to join Coinbase’s network will probably help it in this regard because of the expanding number of crypto capabilities it now offers, which should require it to comply with rules in more detail.

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