ING Bank has developed a protocol for tracking cryptocurrency transfers
The Dutch financial conglomerate ING has developed a protocol to track the movement of digital assets to help crypto industry representatives meet FATF requirements.
The Bank sees growing prospects for the use of virtual currencies and tokens in the financial sector, therefore, it is actively involved in the activities of various working groups to standardize this ecosystem.
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According to the developers, Travel Rule Protocol or TRP is a jointly managed infrastructure that allows cryptocurrencies to request information about the availability of address records, determined by the identifier of the legal entity, public key and other data. The protocol is equipped with an API that provides data transfer over the Internet and helps to connect the identity and data with a specific address.
The ING solution has already been supported by many companies working with crypto assets, including Fidelity Digital Assets, BitGo and Standard Chartered Bank. InterVASP also participated in the project, which issued a standard for the interaction between various assets during their transfer.
In addition to the protocol for tracking the movement of digital assets, since the end of last year, ING has been developing a technical solution for the safe storage of cryptocurrency assets of its customers.
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