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Mesh, a U.S.-based fintech backed by PayPal Ventures, has partnered with Reown (formerly WalletConnect) to introduce wallet ownership verification for UTXO-based assets, starting with Bitcoin.
According to Mesh, this wallet ownership feature helps crypto businesses securely exchange data in compliance with the Travel Rule, which requires firms to collect and share customer information for transactions above a specified threshold, typically $1,000. This rule, established by the Financial Action Task Force (FATF), is designed to combat money laundering and other illicit financial activities.
Jess Houlgrave, CEO of Reown, noted that regulation will increasingly shape the crypto landscape, with proactive organizations leading the charge toward compliance.
Mesh co-founder and CEO Bam Azizi also echoed this sentiment. He highlighted the “tremendous market demand” for wallet ownership verification solutions that align with the guidelines, stressing the importance of wallet interoperability moving forward.
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