Geneva, 21/08/2023–Taurus SA, a global leading provider of digital asset infrastructure, has joined the Travel Rule Universal Solution Technology (TRUST), answering increasing demand from our institutional clients.
The Travel Rule mandates VASPs to collect and exchange crucial identification details regarding transaction originators and beneficiaries in transactions involving obligated financial entities. As the international adoption of the Travel Rule gains momentum, the frictionless and secure exchange of essential data between VASPs becomes paramount. The TRUST protocol effectively streamlines this intricate process across global markets, bolstering compliance efforts while upholding the confidentiality and security of member data. The TRUST protocol encompasses key safeguards, including:
- No central store of personal data: Information is sent directly from one TRUST member to another, through end-to-end encrypted channels. TRUST never centrally stores sensitive customer information where it could be targeted by an attacker or misused by a third party.
- Proof of ownership: TRUST includes a mechanism for the receiving exchange to prove that it’s the owner of the receiving crypto address before customer information is sent. This ensures that precise information is directed to the intended exchange accurately.
- Security and privacy standards: All TRUST members must meet core anti-money laundering, security, and privacy requirements before joining the solution. We are partnering with Exiger, a technology-enabled compliance and risk management solution, to assist in meeting these requirements.
Victor Busson, Chief Marketing Officer, said, "Joining the TRUST solution seamlessly complements Taurus' commitment to compliance and the preservation of our clients' confidentiality. As the regulatory landscape evolves, TRUST enhances our current Travel Rule practices, ensuring a secure and reliable transactional environment for our institutional clients.”
TRUST is a global, industry-driven solution designed with the aim of complying with the Travel Rule requirement in mind, while simultaneously prioritizing customer security and privacy. The Travel Rule requires the collection of details regarding the parties of a crypto transaction by a virtual asset service provider and the exchange of that information with the provider that is on the other side of the transaction, similar to what banks do.
About Taurus SA
Taurus SA is a Swiss company, founded in April 2018, that provides enterprise-grade digital asset infrastructure to issue, custody and trade any digital assets: cryptocurrencies, tokenized assets, NFTs and digital currencies. With more than 60% market share in Switzerland, it is also the European leader in the banking segment, entrusted by the full spectrum of financial institutions: systemic banks, universal banks, online banks, crypto-banks, private banks, and broker-dealers. Taurus also operates a marketplace for private assets and tokenized securities.
About Taurus’ Platform and Products
Depending on their business model, strategy and risk tolerance, Taurus’ clients are able to seamlessly manage NFTs, cryptocurrencies including staking, to digitize and tokenize any type of asset on any standard end-to-end, and to process digital currencies of their choice. Taurus’ product portfolio is composed of Taurus-ProtectTM, the leading secure storage solution in Europe which is currently used by more than 25 financial institutions and corporations. Taurus-CapitalTM allows to issue and manage NFTs and tokenized assets on public and private blockchains as well as interact with any smart contract. The regulated marketplace for digital assets TDXTM, is connected to Taurus-ProtectTM and Taurus-CapitalTM. All products leverage Taurus’ blockchain node infrastructure Taurus-ExplorerTM which provides a unified API and reliable broadcasting algorithms to interface securely with over fifteen blockchain networks.