- Recently, BitGo has announced its support towards the Financial Action Task Force’s (FATF) Recommendation 16, most commonly referred to as Travel Rule.
- The clients will be able to include all the necessary additional files that would be required for BitGo to support the Travel Rule.
Recently, BitGo has announced its support towards the Financial Action Task Force’s (FATF) Recommendation 16, most commonly referred to as Travel Rule. BitGo is a California based digital assets trust and security firm.
BitGo is the first wallet platform to market with API support for FATF Travel Rule compliance. BitGo clients utilize current API endpoints and BitGo will do the rest! Read more: https://t.co/qgHMv7k3zX#TravelRule #Compliance #financialservices #institutionalinvestors pic.twitter.com/T3u7tzlyrX— BitGo (@BitGo) July 14, 2020
The company was established in 2013 by Mike Belshe and Ben Davenport with its headquarters in Palo Alto. BitGo is known for providing a multi-signature or multisig Bitcoin wallets. Multisig wallets require at least two keys to initiate a transaction, and hence it BitGo, the keys are distributed to owners to manage risk.
BitGo Confirmed Extension Of All API Endpoints
BitGo has confirmed that it will extend all its previous API endpoints. The clients will be able to include all the necessary additional files that would be required for BitGo to support the Travel Rule. Basically, by extending the APIs, they will allow all the beneficiaries and the curators to be added to the transactions. The aim is to increase the visibility to the investors who are involved in the transactions. This will make BitGo the first wallet service to come up with a solution for the Travel Rule for both it’s cold and hot wallet products.
The CEO of BitGo said that this new technology would enable BitGo to exchange and receive useful travel data. The data received will help BitGo to be supportive as a Virtual Asset Service Provider (VASP). He further added that the new service would be entirely available to its clients, which will also guide the clients with the new FATF tenets for digital asset compliance.
What Are The Benefits?
This will allow all the exchange clients to start the incorporation right now without having to worry about its future consequences. This new support from BitGo will do all the difficult work for the current Travel Rule order as the regulations and guidelines change over time. For transferring Travel data to the BitGo mainnet, InterVASP IVMS101 will be used as a messaging standard. Furthermore, the integration will be lightweight because of the extension of the existing APIs.
The Travel rule or Recommendation 16 is a set of rules and guidelines by FATF specifically for crypto associated companies and has introduced only last year. The set of rules would keep a record of the transactional activities and the identities of users. The Travel Rule may heavily benefit the cryptocurrency industry by helping to eradicate money laundering and cyber scams.
We are sorry that this post was not useful for you!
Let us improve this post!
Tell us how we can improve this post?