Mesh, a U.S.-based fintech backed by PayPal Ventures, has partnered with Reown (formerly WalletConnect) to introduce wallet ownership verification for UTXO-based assets, starting with Bitcoin.
In a press release on November 11, the company highlighted that the wallet ownership feature improves functionality and helps meet the European Union’s Travel Rule Guidelines, which will come into effect on December 30.
According to Mesh, this wallet ownership feature helps crypto businesses securely exchange data in compliance with the Travel Rule, which requires firms to collect and share customer information for transactions above a specified threshold, typically $1,000. This rule, established by the Financial Action Task Force (FATF), is designed to combat money laundering and other illicit financial activities.
Jess Houlgrave, CEO of Reown, noted that regulation will increasingly shape the crypto landscape, with proactive organizations leading the charge toward compliance.
Mesh co-founder and CEO Bam Azizi also echoed this sentiment. He highlighted the “tremendous market demand” for wallet ownership verification solutions that align with the guidelines, stressing the importance of wallet interoperability moving forward.
Mesh was founded in 2020 by Bam Azizi and Adam Israel. The company secured $22 million in Series A funding in September 2023, with investment from Money Forward, Galaxy, and Samsung Next. The company stated that the funds would be used to enhance tools for deposits, payments, and payouts.
The Reown partnership is part of Mesh’s broader expansion strategy. In July, Mesh partnered with Italian crypto wallet Conio to integrate across platforms like Coinbase and Binance, allowing Conio’s 430,000 users to withdraw funds directly into their wallets. In September, Mesh teamed up with CoinMENA FZE, a prominent crypto exchange in the Middle East, to simplify asset management for users by eliminating long addresses, QR codes, and seed phrases.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
