The digital payment platform PayPal announced its incorporation into the Travel Rule Universal Solution Technology (TRUST) platform, which allows it to be part of a network of important names in the world of cryptocurrencies.
This measure is added to the one that the payment processor had already been applying, within the world of digital assets where you can already transfer, send and receive this type of currency in PayPal and other wallets and exchanges.
TRUST was launched by a group of 18 US Virtual Asset Service Providers (VASPs) in February, with heavyweights like Coinbase, Paxos, Circle, Kraken and Robinhood participating from the start. The number has expanded to 38 now that PayPal has joined the ranks.
“The addition of PayPal marks another milestone on TRUST’s journey to become the global, industry-standard solution for Travel Law compliance”, Coinbase said in a statement on Tuesday.
The objective of this network is to streamline reporting and make the exchange of information simpler and more transparent. TRUST uses a solution that is made up of two main features; a centralized bulletin board to identify each VASP party at both ends of a transaction; and an encrypted peer-to-peer (P2P) channel to securely exchange data.
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