TRUST Network only had 18 members as of February, but it has since quickly expanded to 38.
PayPal joined with Coinbase Travel Rule Universal Solution Technology (TRUST) network to comply with the financial industries
Coinbase announced that
“Coinbase is delighted to announce that PayPal has joined the network of Travel Rule Universal Solution Technology (TRUST). TRUST is a worldwide, business-driven solution created to boost adherence to the Travel Rule while maintaining the security and privacy of users initially.”
TRUST and PayPal collaborate
Coinbase and PayPal are working together to comply with regulations
PayPal will collaborate with the rest of the TRUST network to improve adherence to the so-called Travel Rule, which the Bank Secrecy Act mandates of U.S. banking institutions. When a consumer makes a transaction that exceeds a specific threshold, this law mandates that financial institutions communicate information about that customer.
The Coinbase TRUST network aims to release the necessary information while protecting user privacy. It will avoid using a central database for user data by implementing a compliance and risk management solution from Exiger, and it will ensure the constancy of its members.
Although the TRUST network only had 18 members in February, it has rapidly grown since then. Due to PayPal’s decision to join, TRUST now boasts many leading cryptocurrency businesses like Binance and crypto.com as well as 38 other members.
The addition of PayPal represents yet another accomplishment in TRUST’s mission to become the internationally recognized industry standard for Travel Rule compliance.
To shield customers from security risks, PayPal stepped up and joined the Coinbase TRUST network as a standard solution as soon as it began accepting cryptocurrency transactions on the platform that enables users to deposit and withdraw cryptocurrency.