Pro-crypto digital payments giant PayPal has reportedly been a aprt of the Travel Rule Universal Solution Technology (TRUST) network, following nunmerous key crypto players to comply with digital asset travel rules.

Specifically, the update reportedly surfaced two months following the introduction from the payments heavyweight regarding the infrastructure allowing users to transfer, send and receive digital assets between PayPal and other wallets and exchanges in June 2021. 

Before that development, users only had the ability to purchase and sell crypto within PayPal, following the company’s initial presence established in the sphere in October two years ago.

TRUST was reportedly released by a group of 18 virtual asset service providers (VASPs) in America in February, including numerous major names in the sectors, nominally Coinbase, Paxos, Circle, Kraken and Robinhood joining from the start. 

The pool has since widened via adding extra 38 now that PayPal has become a member.

“The addition of PayPal marks another milestone in TRUST’s journey to become the global, industry-standard solution for Travel Rule compliance,” Coinbase reportedly revealed. 

Under the Bank Secrecy Act (BSA) rule 31, more generally referred to as the Travel rule, U.S. VASPs are mandated, legal-wise, to pass on particular data associated with customer fund transfers from one financial institution to another. 

The threshold for identifying fund transfers, and the people behind them, begin at $1,000.

As such, the group of U.S. VASPs rolled out TRUST to enhance reporting, as well as simplifying and clarifying the sharing process of information. 

TRUST takes advantage of a solution that is made up of two primary features – a centralized bulletin board to identify each VASP party on both ends of a transaction and an encrypted point-to-point (P2P) channel to securely exchange data.