PayPal Joins Coinbase's TRUST Protocol Network

Fintech giant Paypal, known to be a trustworthy online payment system, has joined Crypto Exchange Coinbase's Travel Rule Universal Solution Technology (TRUST) network.

In a blog, Coinbase said, "By joining TRUST, companies become part of a rapidly growing coalition from around the world." The blog also said, "the addition of PayPal marks another milestone in TRUST's journey to become the global, industry-standard solution for Travel Rule compliance."

According to Coinbase, "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." The crypto exchange explained that Travel Rule requires financial institutions to share certain basic information about their customers when sending funds over a certain amount to another financial institution.

"Custodial cryptocurrency exchanges (like other financial institutions) have to satisfy this rule, which was written before crypto even existed," stated Coinbase.

Welcoming Paypal, Coinbase tweeted, "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."

Furthermore, in its welcome post, Coinbase wrote, "PayPal has been a leader in digital payments for more than 20 years by leveraging technology to make financial services and commerce more convenient, affordable, and secure for more than 400 million consumers and merchants around the world."

Since TRUST launched last February, it has already expanded to include 38 members.

(Source: DAILYCOIN)