{"id":99387,"date":"2024-11-11T16:10:55","date_gmt":"2024-11-11T20:10:55","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=99387"},"modified":"2024-11-11T16:14:22","modified_gmt":"2024-11-11T20:14:22","slug":"mesh-reown-to-verify-bitcoin-wallets-for-travel-rule","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/mesh-reown-to-verify-bitcoin-wallets-for-travel-rule\/","title":{"rendered":"Mesh, Reown Partner to Verify Bitcoin Wallets for Travel Rule"},"content":{"rendered":"\n

Mesh and Reown have partnered to verify wallet ownership, starting with the Bitcoin ecosystem<\/a>.\u00a0<\/p>\n\n\n\n

\"Mesh,
Mesh, Reown Partner to Verify Bitcoin Wallets for Travel Rule<\/figcaption><\/figure>\n\n\n\n

Reown (previously WalletConnect) and Mesh, a U.S. fintech company \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>with investors including PayPal Ventures, have partnered to introduce wallet ownership verification for UTXO-based assets, starting with Bitcoin. <\/p>\n\n\n\n

The wallet ownership feature improves functionality and satisfies the “need to comply with the European Banking Authority's Travel Rule Guidelines,” which are scheduled to go into effect on December 30, according to a news release issued by Mesh on November 11. Mesh:<\/p>\n\n\n\n

\n

Compliance with the Travel Rule can be a significant challenge for crypto businesses, as it requires secure data exchange between different providers.”<\/p>\n<\/blockquote>\n\n\n\n

In an effort to stop money laundering and illegal activity, the Financial Action Task Force established the Travel Rule, which mandates that cryptocurrency companies<\/a> gather and disclose particular consumer data for transactions exceeding a predetermined amount, usually $1,000. <\/p>\n\n\n\n

The regulation will play a “larger role in our industry,” according to Reown CEO Jess Houlgrave, who also stated that progressive companies are “going to lead the way.” <\/p>\n\n\n\n

Bam Azizi, co-founder and CEO of Mesh, highlighted the “tremendous market demand” for wallet ownership verification solutions that adhere to EBA regulations, stressing the importance of wallet interoperability going ahead. <\/p>\n\n\n\n

Bam Azizi and Adam Israel founded Mesh in 2020, and in September 2023, the company raised $22 million in a Series A fundraising round<\/a>. <\/p>\n\n\n\n

Samsung Next and Galaxy were among the investors who backed Money Forward's financial infusion. Later, PayPal Ventures provided the firm with money in the form of PayPal's PYUSD stablecoin.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Mesh and Reown have partnered to verify wallet ownership, starting with the Bitcoin ecosystem.\u00a0 Reown (previously WalletConnect) and Mesh, a U.S. fintech company with investors including PayPal Ventures, have partnered to introduce wallet ownership verification for UTXO-based assets, starting with Bitcoin. The wallet ownership feature improves functionality and satisfies the “need to comply with the […]<\/p>\n","protected":false},"author":43,"featured_media":99388,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[16145,174,22776],"class_list":["post-99387","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin-wallets","tag-paypal","tag-reown"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/11\/croc_1731354281771.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/99387","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=99387"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/99387\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/99388"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=99387"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=99387"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=99387"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}