Brian Armstrong, CEO at Coinbase (NASDAQ:COIN), has shared several ideas that he claims to be most excited about in crypto right now.
The Coinbase Chief Executive says that if you’re building something in crypto or thinking about doing so – check it out. They are building a lot of new products at Coinbase, however, they do not have time “to tackle everything,” Armstrong acknowledges.
So he figured he’d share these new ideas. Armstrong says that bear markets are “the best time for building” so why not start today.
He further noted that they will be hosting their inaugural summit in Malibu, California this October where they’ll aim to bring together a small group of builders in order “to discuss these ideas and others.” So if you already have a startup, or would like to create one, you can apply here, he noted.
In other recent update, it was noted that Coinbase is pleased “to announce the expansion of the Travel Rule Universal Solution Technology (TRUST) to the United Kingdom.”
TRUST is a global, industry-driven solution “designed to improve compliance with a requirement known as the Travel Rule, while prioritising customer security and privacy.”
TRUST launched in the United States “in early 2022 and quickly expanded to Canada, Singapore and Europe.”
With this most recent expansion, the TRUST coalition now “includes some of the largest virtual asset service providers (VASPs) in the UK – including Baanx, Coinpass, Fidelity Digital UK, Gemini UK, Kraken UK, Paysafe/Skrill, and Revolut.”
TRUST’s expansion comes ahead of pending UK Travel Rule requirements “for VASPs and adds another key region to TRUST’s already extensive international coalition.”
The firm anticipates that over the coming year, TRUST will continue “to welcome new members from around the world.”
Today, TRUST includes more than 90 entities, “including but not limited to: Amber Group, Anchorage Digital, Baanx, Bake, Balance, BGE, Binance.US, BitFlyer, BitGet, BitGo, BitMEX, Bittrex Global, Black.com, BlocPal, Bullish, Cboe Digital,” among many others.
TRUST is designed to be a global Travel Rule compliance solution.
While the Travel Rule requirements in many jurisdictions can vary, TRUST is specifically designed with the flexibility to “adapt to these different requirements while delivering the following top-tier safeguards to customers’ privacy and security.”
- No central store of personal data: We never centrally store sensitive customer information where it could be targeted by an attacker or misused by a third-party. The required information is only directly sent from one TRUST member to another, through end-to-end encrypted channels, and the receiver is required to safeguard it
- Proof of address ownership: TRUST includes a mechanism for the receiving VASP to prove that it is the owner of the receiving crypto address before customer information is sent — to ensure the right information is sent to the right VASP.
- Core security & privacy standards: We require all TRUST members to meet core anti-money laundering, sanctions, security, and privacy requirements before joining the solution.
