TRUST Expands its Global Footprint and is Now Live Internationally
May 24, 2022
Coinbase is happy to announce the worldwide growth of the Travel Rule Universal Solution Technology (TRUST), a world, industry-driven answer designed to adjust to a requirement often known as the Travel Rule whereas defending the safety and privateness of shoppers.
In February of this yr, TRUST launched within the United States. Since that launch, TRUST has now gone stay in Canada and Singapore, and is actively working to develop to different international jurisdictions, together with Europe. As extra nations start to implement Travel Rules, TRUST is targeted on offering its top-tier compliance providers to digital asset service suppliers (VASPs) across the globe, together with its essential safety safeguards.
Since its earlier announcement, TRUST has continued so as to add many new international entities to the TRUST membership. The TRUST coalition in the present day has 36 members together with: Amber Group, Anchorage, Balance, Binance US, BitGo, bitFlyer, Bittrex, BlockFi, BlocPal, Cake DeFi, Circle, Coinbase, Coinhako, Coinsmart, Coinsquare, Crypto.com, Custodia, Fidelity Digital Assetsˢᵐ, Gemini, Kraken, Netcoins, Nexo, Paxos, Robinhood, sFOX, Shakepay, Standard Custody & Trust, Symbridge, Tetra Trust, TradeStation, Unbanked, VirgoCX, Voyager, Wealthsimple, Zero Hash, and Zodia Custody.
TRUST is a world Travel Rule compliance answer. While the Travel Rule necessities in lots of jurisdictions can differ, TRUST is particularly designed with the flexibleness to adapt to those completely different necessities, whereas delivering the next top-tier safeguards to clients’ privateness and safety.
No central retailer of private knowledge: We by no means centrally retailer delicate buyer data the place it could possibly be focused by an attacker or misused by a 3rd celebration. The required data is barely straight despatched from one TRUST member to a different, by means of end-to-end encrypted channels, and the receiver is required to safeguard it.
Proof of deal with possession: TRUST features a mechanism for the receiving VASP to show that it’s the proprietor of the receiving crypto deal with earlier than buyer data is shipped — to make sure the correct data is shipped to the correct VASP.
Core safety & privateness requirements: We require all TRUST members to fulfill core anti-money laundering, safety, and privateness necessities earlier than becoming a member of the answer.
The speedy growth of TRUST within the United States and internationally marks a big milestone within the journey to change into the industry-standard answer for Travel Rule compliance. And that is solely the start. We anticipate that, over the approaching yr, TRUST will welcome many new members across the world.
If you have an interest in becoming a member of TRUST, please contact us.