Many major crypto companies based in the United States have released a solution for the Financial Action Task Force's Travel Rule.
In a Wednesday blog post, crypto services provider Paxos announced the launch of the Travel Rule Universal Solution Technology, or TRUST, with members, including Coinbase (NASDAQ:COIN), BlockFi, Gemini, Kraken, Robinhood (NASDAQ:HOOD), Circle and Fidelity Digital Asset Services. The endeavor is aimed at ensuring crypto firms are in compliance with the Travel Rule while also proving ownership of recipients’ crypto addresses, meeting security and privacy requirements, and not centrally storing users’ personal data.