In a lengthy post on its corporate blog and a tweet on its social profile, Coinbase announced that digital payments giant Paypal has joined its new TRUST network launched last February to further protect users’ privacy and security.
Coinbase welcomes Paypal to its TRUST network
A warm welcome to @PayPal for joining TRUST, a global coalition that provides top-tier privacy and security safeguards to customers across jurisdictions while complying with the Travel Rule.https://t.co/OgoL3uS3qc
— Coinbase (@coinbase) August 22, 2022
“Coinbase is pleased to share the addition of PayPal to the Travel Rule Universal Solution Technology (TRUST) network. TRUST is a global, industry-driven solution designed to increase compliance with a requirement known as the Travel Rule while prioritizing the security and privacy of customers.”
So begins the lengthy company blog post announcing Paypal’s entry into Coinbase’s new protocol.
As it is detailed by Coinbase, 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.”
This innovative new solution requires financial institutions that use it to share certain basic information about their customers when they send funds above a certain amount to another financial institution. Paypal joined this new network along with 38 other members who joined it just five months after its official launch and include Amber Group, Anchorage Digital, Balance, Binance.US, Bittrex, BlockFi, Cake DeFi, Circle, Coinbase, Coinsmart, Coinsquare, Crypto.com, Custody, Fidelity Digital Assets, Gemini, Kraken, Netcoins, Nexo, Paxos, among others.
Paypal’s entry into the new Coinbase project is a very important achievement, not least because the digital payments giant has been looking at the world of cryptocurrencies with a great interest for some time. In June the company announced that it had implemented for clients in the USA and Great Britain the possibility of transferring certain digital currencies (Bitcoin and Ethereum) from PayPal to external wallets. At the beginning of the year, there had also been rumors that PayPal was even working on its own stablecoin, a project that seems to be shelved for the time being, partly because of the unfavorable market conditions.
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