PayPal, probably the biggest name in the digital payment world, has joined a host of big names in crypto that have moved to comply with digital asset travel rules as part of the Travel Rule Universal Solution Technology (TRUST) network.
The TRUST Network was founded in October 2020 with the aim to allow users to systematically document their trust-relationships, and to see which users have declared trust in another user. In order to do that, the Travel Rule requires financial institutions to share certain basic information about their customers when sending funds over a certain amount to another financial institution.
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According to a Coinbase announcement on August 22, PayPal has joined Coinbase’s Travel Rule Universal Solution Technology (TRUST) network with the purpose to work on increasing compliance with the so-called Travel Rule required of U.S. financial institutions by the Bank Secrecy Act.
“The addition of PayPal marks another milestone in TRUST’s journey to become the global, industry-standard solution for Travel Rule compliance,” reads in the Coinbase noted announcement.
The TRUST network had surprisingly just 18 members in February, but it grew quickly in recent months to have over 700 members. With PayPal joining the TRUST network, it now ranks 38 in the group's membership.
Coinbase welcomed PayPal in a Tweet by saying “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.”
Coinbase team marks the addition of PayPal to the TRUST network a big achievement and says that they are seeing it as another milestone in TRUST’s journey to become the global, industry-standard solution for Travel Rule compliance.
Now for the first time, PayPal users will be able to withdraw and deposit crypto in June. PayPal introduced cryptocurrency trading in October 2020 and it will expand further by this summer.
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