Rule

Bitcoin

Read

Force

Connectivity layer Mesh has entered into a partnership with Reown for wallet ownership verification, beginning with the Bitcoin ecosystem.
Mesh, a U.S. fintech whose investors include PayPal Ventures, has joined forces with Reown (formerly WalletConnect) to launch wallet ownership verification for UTXO-based assets, beginning with Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>).
In a Nov. 11 <a href="https://www.prnewswire.com/news-releases/reown-and-mesh-announce-bitcoin-ownership-verification-to-comply-with-european-travel-rule-guidelines-302300458.html" target="_blank" rel="noopener noreferrer nofollow">press release</a>, Mesh said the wallet ownership feature enhances functionality and addresses the “need to comply with the European Banking Authority’s Travel Rule Guidelines,” which are set to take effect on Dec. 30.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “Compliance with the Travel Rule can be a significant challenge for crypto businesses, as it requires secure data exchange between different providers.”
 Mesh
</blockquote>
The Travel Rule is a regulation from the Financial Action Task Force requiring crypto businesses to collect and share specific customer information for transactions over a certain threshold, typically $1,000 in bid to prevent money laundering and illicit activities.
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/samsung-backed-crypto-startup-mesh-partners-with-coinmena-to-expand-services-in-mena/"> Samsung-backed crypto startup Mesh partners with CoinMENA to expand services in MENA </a>
Reown CEO Jess Houlgrave said the regulation will have a “larger role in our industry,” adding that forward-thinking organizations are “going to lead the way.” Mesh co-founder and CEO Bam Azizi noted “tremendous market demand” for wallet ownership verification solutions that comply with EBA guidelines, emphasizing that wallet interoperability will be crucial moving forward.
Founded in 2020 by Bam Azizi and Adam Israel, Mesh secured $22 million in a Series A funding round in September 2023. That capital infusion, led by Money Forward and supported by other investors including&nbsp;<a href="https://crypto.news/tag/galaxy-digital/" target="_blank" rel="noopener noreferrer nofollow">Galaxy</a>&nbsp;and&nbsp;<a href="https://crypto.news/tag/samsung/" target="_blank" rel="noopener noreferrer nofollow">Samsung</a>&nbsp;Next. Subsequently, the startup also secured funding from PayPal Ventures in the form of PayPal’s PYUSD stablecoin.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/paypal-backed-startup-mesh-collaborates-with-paribu-in-turkey-expansion/"> PayPal-backed startup Mesh collaborates with Paribu in Turkey expansion </a>

PayPal-backed Mesh teams up with Reown to verify Bitcoin wallets for Travel Rule

crypto.news

Other articles published on Nov 11, 2024

Historic Rise Continues: Bitcoin Breaks $85,500 Level – Here is the Latest Situation and What to ...

Bankrupt crypto exchange FTX sues ex-Binance CEO CZ for nearly $2 billion

Cardano Skyrockets as Hoskinson Tipped to Join Trump Administration

Visa and FV Bank Debut New Debit and Expense Cards, Bridging Crypto and Fiat Global Payments

Dogecoin Surpasses $45.35B Market Cap, Eyes $1 Target After 52-Week High

“Where Will Bitcoin Peak?” People Asked When BTC Was $290

Join our free newsletter for daily crypto updates!