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On Monday, 22nd August, 2022, Coinbase announced PayPal’s joining its TRUST Network. The leading US crypto exchange said that joining the international payment giant market is another milestone for its travel rule solution. This instance would take the relevance of the industry-standard compliance solution to another level.
The Financial Action Task Force (FATF) brought the Travel Rule in around 2019. This was the update in existing recommendations of FATF for foreign transactions. According to this compliance, financial institutions along with crypto service provider firms would be obliged to share the basic information of their customers who send funds to other institutions.
Coinbase brought the Travel Rule Universal Solution Technology or TRUST network in February, 2022. This was considered as a crucial industry-driven solution to ensure Travel Rule compliances. Trust network allows crypto exchanges and digital custody platforms to send the legally required information to the agencies in compliance to Travel Rule.
At the time of announcing the launch of TRUST network, crypto exchange noted in a blogpost that creating such a travel complaint rule along with keeping the expectations of customers fulfilled was their goal.
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With PayPal joining the TRUST network, the count of overall firms joined the network reached 38 companies. Major companies across industry are on the network. It includes prominent crypto firms like Kraken, Gemini and Robinhood Markets Inc. According to the updated guidelines of FATF, native tokens of defi protocols and non-fungible tokens might also fall under the compliance of these rules in several situations.
PayPal joining the TRUST network matters given its enormous reach. The company is an undeniable leader in the digital payments space and it holds the status for over two decades now. It provides the customers convenient, secure and affordable services to its customers. As per the reports, the digital payment platform has a consumer base of over 400 million global consumers and merchants.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
