PayPal Joins Coinbase’s TRUST Initiative

August 25, 2022

MCP News Free

PayPal Joins Coinbase’s TRUST Initiative

In compliance with the financial industry Travel Rule, Paypal has joined Coinbase’s TRUST network as per the announcement by Coinbase on Tuesday.

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Coinbase Welcomes PayPal to TRUST Network

In a blog post by Armstrong Coinbase, Coinbase has added PayPal to the Travel Rule Universal Solution Technology (TRUST) network, a move that indicates another milestone in TRUST’s journey to become the global, industry-standard solution for Travel Rule compliance.

According to the blog post, TRUST is a comprehensive and secure solution developed to “comply with a requirement known as the Travel Rule while protecting the security and privacy of our customers. TRUST was designed and built collaboratively by leading crypto exchanges to set the standard for Travel Rule compliance.”

TRUST is an innovation that enables financial firms that use it to share some basic information about their clients whenever they send funds above a certain amount to another financial firm.

TRUST network was launched in February, and since its launch, more than 35 companies namely Binance.US, bitFlyer, BitGo, Bittrex, BlockFi, BlocPal, Cake DeFi, Circle, Coinbase, Coinhako, Coinsmart, Coinsquare, Crypto.com, Custodia, Fidelity Digital Assetsˢᵐ, Gemini, Kraken, Netcoins, Nexo, Paxos, PayPal, Prime Trust, Robinhood, sFOX, Shakepay, Standard Custody & Trust, Symbridge, Tetra Trust, TradeStation, Unbanked, VirgoCX, Voyager, among others have joined the network, PayPal is the new financial firm to join the TRUST network.

PayPal is one of the world’s leading firms enabling digital payments for more than 20 years, it leverages technology to enable financial services and commerce more convenient, affordable, and secure for more than 400 million consumers and merchants around the world.

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