Crypto News– TRUST was introduced to the United States market in early 2022 and swiftly expanded its presence across Canada, Singapore, and Europe.
The most recent stride in this expansion journey has led the TRUST coalition to encompass some of the most prominent virtual asset service providers (VASPs) in the United Kingdom. This expansion includes esteemed entities such as Baanx, Coinpass, Fidelity Digital UK, Gemini UK, Kraken UK, Paysafe/Skrill, and Revolut. The timing of TRUST’s growth aligns with the forthcoming UK Travel Rule mandates for VASPs, thereby fortifying its reach in another pivotal global region. The momentum is set to continue, with TRUST projected to welcome new participants worldwide throughout the upcoming year.
Coinbase and TRUST Partnering
At present, TRUST boasts an extensive consortium comprising over 90 entities. A sample of these participants includes Amber Group, Anchorage Digital, Baanx, Bake, Balance, BGE, Binance.US, BitFlyer, BitGet, BitGo, BitMEX, Bittrex Global, Black.com, BlocPal, Bullish, Cboe Digital, CEX.io, Circle, Coinbase, Coincheck, Coinhako, Coinpass Limited, Coinsmart, Copper. co, Crypto.com, Currency.com, Custodia, Digital Treasures Center Pte. Ltd., EXMO, Fidelity Digital Assets, Gemini, Kraken, LTP, Litebit, Luno, Netcoins, Nexo, OKCoin, Paxos, Paysafe/Skrill, PayPal, Phemex, Revolut, Robinhood, sFOX, Shakepay, Standard Custody & Trust, SwissBorg, Suissebase, SolarisBank AG, Triple A, Taurus SA, TradeStation, VirgoCX, Wealthsimple, Zenus Bank, Zero Hash, and Zodia Custody.
TRUST has been meticulously designed as a comprehensive global solution to ensure compliance with the Travel Rule. Adapting to the diverse Travel Rule requisites across jurisdictions, TRUST is engineered with remarkable flexibility while safeguarding customers’ privacy and security with the following paramount measures:
- Decentralized storage of personal data: Sensitive customer information is never stored centrally, eliminating vulnerabilities to third-party misuse or targeted breaches. The requisite data is securely transmitted directly from one TRUST member to another, employing end-to-end encryption for enhanced protection.
- Verification of address ownership: TRUST incorporates a mechanism enabling the recipient VASP to validate the request of the receiving cryptocurrency address before sharing customer data. This verification process ensures that accurate information is transferred to the correct VASP.
- Upholding core security and privacy standards: TRUST mandates that all participating members adhere to fundamental anti-money laundering, sanctions, safety, and privacy prerequisites prior to joining this innovative solution.