PayPal, a leading digital payment platform, has been integrated into the Coinbase Travel Rule Universal Solution Technology (TRUST) network. Coinbase confirmed the development in a Twitter post on its official handle. As announced, Paypal has decided to partner with Coinbase to aid its compliance with the financial industry’s travel rule. This development means its users can now easily explore their crypto assets on Paypal.
TRUST and Paypal join the increasing list of crypto companies trying to comply with the travel rules associated with virtual assets. Recall that the payment firm had initially launched new features on its network a few months ago. As reported, the new features were integrated to allow the transfer and receipt of digital assets between PayPal and other wallets and exchanges.
Paypal’s integration into TRUST further avails its users with additional features. Coinbase, a global crypto exchange, reacted to the development. According to the exchange, the integration of PayPal proves TRUST’s commitment to its plan to become an industry-oriented solution for Travel Rule compliance. Coinbase expresses its excitement about the feat, stressing that it will help avail enough features for Paypal’s users to explore.
Similarly, Circle, in a Twitter post, commended the development. According to Circle, adding Paypal to TRUST means the latter has 38 members. As of today, its members include Binance.US, Nexos, Circle, Robinhood, Fidelity Digital Crypto.com, Gemini, Kraken, and a host of others.
As necessitated by the Bank Secrecy Act, PayPal intends to enhance its compliance with the existing Travel Rule with this feat. One of the rules mandates Paypal and other platforms on TRUST to communicate any form of transactions that are above the already fixed amount.
TRUST gives utmost priority to the security and privacy of users. According to reports, its members must only reveal necessary information without jettisoning their users’ privacy. PayPal will harness the solution provided by the network toward complying with the rules.
This development is coming a few months after Paypal announced its plan to create its own U.S. dollar-backed stablecoin, PayPal Coin. Then, Jose Fernandez da Ponte, its SVP of crypto and digital currencies, said the payment platform is “exploring a stablecoin; if and when we seek to move forward, we will, of course, work closely with relevant regulators.”
Since then, Paypal has been engaging in a series of upgrades on its network to satisfy its crypto users and to ensure compliance with the numerous regulations in the crypto sphere.
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Source: https://insidebitcoins.com/news/paypal-joins-trust-to-aid-its-compliance-with-crypto-regulations