Reown and Mesh Announce Bitcoin Ownership Verification to Comply with European Travel Rule Guidelines

Posted by Admin November 11, 2024 Travel

The announcement comes during DevCon week in Bangkok and expands Mesh’s wallet ownership verification beyond EVM chains

BANGKOK, Nov. 11, 2024 /PRNewswire/ — Mesh, the modern connectivity layer for crypto that makes payments and deposits seamless, and Reown, the onchain UX platform, announced they are advancing their exclusive partnership by launching wallet ownership verification for UTXO-based assets, beginning with Bitcoin. This enhanced functionality will directly address the need to comply with the European Banking Authority’s (EBA) Travel Rule Guidelines, which will take effect on December 30, 2024.

Compliance with the Travel Rule can be a significant challenge for crypto businesses, as it requires secure data exchange between different providers. Meeting these requirements can be complex and costly, and can divert valuable time and capital from product development and innovation. Furthermore, non-compliance can lead to significant consequences for VASPs operating in the EU, including fines, suspension of licenses and possible legal action. Mesh and Reown’s enterprise-grade wallet ownership verification solution offers a much easier way for companies to confidently meet regulatory standards, while still delivering a streamlined and user-friendly experience.

This advance in compliance and enterprise usability was revealed at WalletCon in Bangkok. WalletCon is the annual gathering hosted by Reown and focused on innovations in onchain user experiences, where Arjun Mukherjee, Chief Technology Officer at Mesh, will deliver a keynote address exploring the integration’s impact on security and regulatory compliance.

“By partnering with Mesh, we’re further advancing the capabilities of wallet connectivity across the crypto ecosystem,” said Jess Houlgrave, CEO of Reown. “As the onchain industry moves forward and adoption increases, regulation will play a larger role in our industry. Organizations that are forward looking and adaptive are going to lead the way. Our partnership with Mesh and the solution we have created that allows some of the industry’s biggest players to remain compliant is an example of this.”

Mesh’s verification solution doesn’t only meet the stringent requirements of the EBA Travel Rule but also provides access to the full suite of enterprise-grade tools and integrations, which include seamless connectivity to Mesh’s extensive network of exchanges, wallets, and financial platforms for use cases such as secure payments, deposits, and global asset transfers. As the leading SOC2 Type II compliant platform, Mesh combines security with scalability, offering unparalleled solutions to navigate regulatory requirements without compromising on the user experience.

“Reown’s commitment to open connectivity aligns perfectly with our vision of creating a secure and open financial ecosystem,” said Bam Azizi, CEO and Co-Founder of Mesh. “We’re seeing tremendous market demand for wallet ownership verification solutions that comply with EBA Travel Rule guidelines, and their leadership in wallet interoperability will be invaluable as we continue to expand our capabilities and deliver even more powerful compliance-enabling features through Mesh.”

About Mesh
Founded in 2020, Mesh is a leader in creating a modern financial connectivity layer for digital assets, delivering a secure, enterprise-grade platform for seamless transfers, payments, and account aggregation. Supporting over 300 integrations with exchanges, wallets, and financial services, Mesh is pioneering an open, connected, and secure ecosystem for digital finance. For more information, visit www.meshconnect.com.

About Reown
Reown is the onchain UX platform. Reown products, AppKit and WalletKit — are designed for individuals and organizations building products onchain. At its core, it focuses on merging innovation with reliability and ease of use to enable all builders to provide web3-native features within their products and bring the vast opportunities and better future that the new internet brings to their communities.
Media contact: [email protected]

SOURCE Mesh