The Coinbase-led Travel Rule Universal Solution Technology (TRUST) has unveiled TRUSThub, a platform designed to streamline data sharing among Virtual Asset Service Providers (VASPs), according to a Dec. 5 statement shared with CryptoSlate.
TRUSThub aims to enhance compliance capabilities and enable secure Travel Rule data exchange, even with non-members or unregulated entities. TRUST members can expect to access the platform by the end of 2024.
TRUST’s membership includes prominent VASPs such as BitGo, Binance.US, Gemini, Kraken, Revolut, PayPal, and others. These industry leaders will benefit from Trusthub’s unique features, which will drive innovation and compliance in the evolving digital asset space.
TRUSThub goals
The introduction of TRUSThub addresses the growing demand for robust solutions that facilitate secure information sharing in the crypto industry.
Under the Travel Rule, VASPs must provide specific customer information for transactions exceeding a defined threshold. This requirement aims to improve transparency and reduce the anonymity that has long been associated with digital asset transactions.
The Travel Rule is expected to increase accountability and traceability in crypto transactions, making it more challenging for illicit actors to exploit the system.
TRUSThub simplifies this process by automating recipient identification and securely transmitting data, even to non-TRUST participants.
The platform emphasizes five key principles: compliance, interoperability, simplicity, usability, and security. These pillars enable seamless integration and ensure data sharing aligns with regulatory expectations without disrupting VASP operations.
Coinbase Institutional said:
“By providing an interoperable, user-friendly platform, TRUSThub makes compliance simple and scalable.”
The platform’s benefits are significant for TRUST members. TRUSThub automates recipient identification and securely transmits Travel Rule data, even when dealing with non-TRUST VASPs. This feature eliminates barriers to compliance while preserving user satisfaction and privacy.
Additionally, TRUST members can execute cross-network transactions securely while upholding essential privacy standards.