Major cryptocurrency exchange Coinbase Global Inc COIN announced that payments giant PayPal Holdings Inc PYPL has joined its TRUST network.
What Happened: Coinbase said on Tuesday that the addition of PayPal to the TRUST network marked another milestone in the network’s journey to becoming an industry-standard solution for compliance.
TRUST or the Travel Rule Universal Solution Technology network is an industry-driven solution created by leading cryptocurrency exchanges to ensure compliance with the Travel Rule.
The Travel Rule was introduced by the Financial Action Task Force requiring financial institutions, including digital currency service providers, to share some basic customer information when sending funds to other financial institutions.
The TRUST network lets cryptocurrency exchanges and digital custody solutions securely send information legally required by the Travel Rule.
“The core goal in designing TRUST was to achieve top-tier compliance with the Travel Rule, while fully honoring customers’ expectations over how their information is handled,” said Coinbase in a blog post introducing the initiative earlier this year.
So far, there are 38 companies that are part of the TRUST network, including crypto exchanges Gemini, Kraken and Robinhood Markets Inc HOOD.
Under the FATF’s updated guidelines, even DeFi protocol’s native tokens and NFTs may fall under their purview in certain cases.
See Also: IS REGULATION BAD FOR CRYPTO?
Price Action: The crypto market saw a 2.32% rise over 24 hours to $1.04 trillion. At press time, BitcoinBTC/USD was trading at $21,535 and Ethereum ETH/USD was trading at $1,661.
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