As a seasoned analyst with over two decades of experience in the fintech sector, I find this partnership between Mesh and Reown to be a strategic move that underscores their commitment to compliance and market demand. Having navigated through numerous regulatory changes and industry shifts during my career, I can appreciate the challenges that crypto businesses face when it comes to adhering to guidelines like the Travel Rule. The fact that Mesh secured funding from heavyweights such as PayPal Ventures, Money Forward, Galaxy, Samsung Next, and others, speaks volumes about their potential to lead the industry forward.
The partnership between Mesh’s connectivity layer and Reown is now official, focusing initially on verifying wallet ownership within the Bitcoin network.
American financial technology company Mesh, backed by PayPal Ventures, is partnering with Reown (previously known as WalletConnect), to initiate the validation of wallet ownership for UTXO-based assets like Bitcoin (BTC). This partnership marks the start of this service.
According to a press statement issued on November 11th, Mesh explained that the new wallet ownership feature they’ve introduced will improve functionality and ensure compliance with the Travel Rule Guidelines established by the European Banking Authority, which become effective on December 30th.
Adhering to the Travel Rule may pose a considerable hurdle for cryptocurrency companies, given that it necessitates safe sharing of information among various service providers.
Mesh
The Travel Rule mandate, issued by the Financial Action Task Force, asks cryptocurrency companies to gather and transmit particular client data for transactions exceeding a specific amount, usually $1,000. This is done with the aim of curbing illegal activities like money laundering and other criminal activities.
In simpler terms, Jess Houlgrave, CEO of Reown, stated that regulations will play a more significant part in our sector. He also mentioned that progressive companies are expected to take the front seat. Meanwhile, Bam Azizi, co-founder and CEO of Mesh, highlighted a strong need for solutions verifying wallet ownership that align with EBA guidelines. He stressed that the ability for wallets to work seamlessly together will be essential in the future.
In 2020, Mesh was established by Bam Azizi and Adam Israel. In September 2023, the company successfully raised $22 million during its Series A funding round. This substantial investment was spearheaded by Money Forward, with additional support from investors such as Galaxy and Samsung Next. Later on, Mesh also received funding from PayPal Ventures, which came in the form of PayPal’s PYUSD stablecoin.
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2024-11-11 14:24