Coinbase has introduced the option of a feeless membership facility for the travel rule universal solution technology (TRUST), a travel rule service. It is industry-propelled and considers client safety and privacy its topmost priority.
TRUST is a prime travel rule service targeting virtual asset service providers (VASPs) to address their travel rule responsibilities by offering clients the highest form of safety and privacy. It has attracted the biggest VASPs globally, with places like North America, Europe, and Asia. The feeless scheme is yet another landmark for TRUST.
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The prime feature of the feeless scheme is the factor of fee exemption. Being a non-profit travel rule service, the members of TRUST pitch in for the operational costs. However, certain VASPs will not need to pay fees with the feeless scheme. For the qualifying VASPs, the new system does not extend the option to the small and new VASPs. Through the scheme, TRUST will extend its operations.
VASPs who intend to benefit from the feeless scheme will become a part of TRUST’s expansive network of over ninety VASPs. They include the Amber Group, Anchorage Digital, Baanx, Balance, Binance US, Coinbase, and Coincheck. In addition, there are big-time players like Coinhako and Coinpass, along with Custodia, Bullish, Cake Defi, and many others.
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TRUST’s diversified members highlight that it was created as a world travel rule compliance service. With the travel rules being different from country to country, TRUST’s expertise lies in adapting to every situation. To maintain client safety and privacy, TRUST comes without a central space for personal data and stresses proof of address ownership as a part of its commitment. It also comes with high standards of privacy, ensuring personal data is never leaked.
