PayPal joins the TRUST Network of crypto service providers

The market-leading payment service provider PayPal has joined the so-called Travel Rule Universal Solution Technology (TRUST) Network to simplify the legally compliant processing of transactions with cryptocurrencies.

The announcement comes two months after the payment service created the necessary infrastructure for users to send, transfer and receive cryptocurrencies between PayPal and external wallets or crypto exchanges. Previously, it was only possible to buy and sell crypto directly through PayPal .

The TRUST Network was originally founded by 18 American crypto service providers - Virtual Asset Service Providers (VASPs) - including major players such as Coinbase, Paxos, Circle, Kraken and Robinhood. In the meantime, this number has grown to 38 participants, which PayPal has now also joined.

"PayPal's entry is the next milestone for TRUST to become the global standard for travel rule compliance," Coinbase said in a statement Tuesday.

The "Travel Rule" refers to Section 31 of the US Money Laundering Act (Bank Secrecy Act). This obliges VASPs to share and pass on certain information about customers and transactions to each other. The threshold for collecting such user information and transaction data is $1,000.

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