A multisig HD cryptocurrency wallet BitGo has announced it added support for the Financial Action Task Force (FATF) Travel Rule.
According to a press release, BitGo has become the first digital wallet with a support for the Travel Rule for its cold and hot wallet services by extending existing API endpoints for clients to append the additional data required under the new rule.
BitGo CEO Mike Belshe says the company is creating the technology that will send and receive travel data in order for BitGo to be compliant as a VASP for its custodial clients.
"We are able to offer this technology to our exchange clients and, in the process, assist them with the new FATF standards for digital asset compliance," Belshe added.
The Travel Rule, which now applies to VASPs, allows law enforcement agencies to detect, investigate and prosecute money laundering and other financial crimes by safeguarding a trail of persons sending and receiving funds through transfer systems.
In May, BitGo announced the launch of a new trading service for institutional investors.
BitGo Prime CEO Nick Carmi said the service delivers a new level of control over cryptocurrency trading by aggregating liquidity from multiple counterparties, optimizing order flow and executions directly from the investors' custodial wallets.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.