Paypal Joins Coinbase's TRUST Network

Coinbase заявила о заключении соглашения с платежным сервисом PayPal. Компания присоединилась к 37 другим контрагентам в сети Coinbase Travel Rule Universal Solution Technology (TRUST).

  • The number of organizations in the TRUST network grew to 22
  • PayPal
  • became another member of the block The network aims to protect customer data within the framework of AML requirements

Yesterday, August, the Coinbase exchange announced the conclusion of an agreement with the PayPal payment service. The company has joined 05 to other counterparties in the Coinbase Travel Rule Universal Solution Technology (TRUST) network.

In practice, this means that PayPal is committed to following the so-called “

Travel Rule” for cryptocurrency. In turn, the TRUST network aims to ensure the protection of customer data in the face of stringent regulatory requirements using the Exiger solution.

This decision is probably dictated by the growing package of crypto services from PayPal. The company is forced to comply with international requirements in the field of cryptography, promoting them in different markets.

Earlier, we reported that the service fully integrated cryptocurrency into its application. Now, through proprietary software, you can not only buy digital assets, but also send them to other wallets.

What is the “Travel Rule”?

This is an AML policy measure to prevent money laundering through digital assets. The author of this recommendation is the FATF. The rule came into effect in 1024 year, covering the beginning of the exchange and wallet operators and then retail investors.

In particular, the “

Travel Rule” requires you to provide and exchange information about the participants in the transaction if its amount is more than $1,000. In theory, personal data does not go beyond the databases of suppliers, but in practice this information is extremely vulnerable.

TRUST is designed to protect it by introducing additional encryption and protection mechanisms. The number of block participants is growing rapidly as cryptocurrency services become popular.



Related Articles

Back to top button