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Seeking Alpha 2022-08-23 19:38:12

PayPal joins Coinbase's TRUST network to comply with regulations

In an effort to further comply with the financial industry's regulations, payments giant PayPal (NASDAQ:PYPL) has joined cryptocurrency exchange Coinbase Global's (NASDAQ:COIN) Travel Rule Universal Solution Technology ("TRUST") network.Coinbase (COIN) defined TRUST as 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," according to a recent blog post.The Travel Rule, a part of the Bank Secrecy Act, requires financial institutions to share information about customers when they transfer funds over a certain limit.In addition to PayPal (PYPL), which launched crypto trading roughly two years ago, TRUST has 38 members since its launch in February, including Binance.US, BitGo, BlockFi, Nexo, Crypto.com, Voyager, Robinhood and Circle.The move comes as a growing number of crypto-related firms aim to expand their businesses while keeping compliant with regulations. Some industry leaders suggest that a more regulatory sound environment in the emerging space could open the doors for more institutional inflows, thus helping to fulfill their goals.In mid-March, PayPal CEO said cryptos will "redefine the financial world."

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