Paypal joins Coinbase’s TRUST network
Paypal joins Coinbase’s TRUST network
World News

Paypal joins Coinbase’s TRUST network

By Vincenzo Cacioppoli - 23 Aug 2022

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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

“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.

Vincenzo Cacioppoli

Vincenzo was born in Genova but lived most of his life in Milan. He has a degree in political science. He is a journalist, blogger, writer, and marketing and digital advertising expert. After a long experience in traditional marketing, he started working with the web and digital advertising in 2011, creating a company called Le enfants. Passionate about the web and innovation, in 2018 he started exploring the topics related to blockchain technology and cryptocurrencies. Independent cryptocurrency trader since March 2018, he now collaborates with companies in the sector as a content marketing specialist. In his blog. mediateccando.blogspot.com, he has long been primarily focused on blockchain, which he considers to be the greatest technological innovation after the Internet. His first book about blockchain and fintech is scheduled for release in November.

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