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MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
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Crypto.com to use CipherTrace tool to comply with FATF's travel rule

Crypto.com has chosen CipherTrace's specialized compliance tool to help it fulfill the complex requirements of the FATF's industry-shaping “travel rule.”

Crypto.com, the creator of a cryptocurrency exchange, wallet, debit card program and crypto app, is strengthening its compliance toolkit by implementing a commercial solution developed by crypto intelligence firm CipherTrace.

CipherTrace's tool, called Traveler, takes its name from being designed to meet the complex requirements of the Financial Action Task Force's so-called “travel rule,” which came into force for Virtual Asset Service Providers, or VASPs, in 2020.

The FATF's travel rule requires regulators and VASPs — including crypto exchanges, custody providers and OTC trading desks — to gather and share customer data during transactions. This approach broadly follows the requirements already in place for money transmitters in jurisdictions like the United States, which requires money transmitters to record identifying information on all parties involved in fund transfers made between financial institutions.

What makes the travel rule particularly challenging for various VASPs is the different local transpositions of the FATF's guidelines in various jurisdictions across the world. Prior to adopting Traveler, Crypto.com had already been admitted into the International Digital Asset Exchange Association and Global Digital Finance, two associations that aim to establish consistent standards and regulatory practices for the global digital asset economy. 

Traveler, which continues CipherTrace's longer-term work on an open-source Travel Rule Information Architecture, or Trisa, is designed to specifically address the counterparty VASP due diligence that is demanded by the FATF guidelines. 

The solution, therefore, helps VASPs to share sensitive personal identifiable information to confirm crypto transactions and automatically identifies VASP-to-VASP transfers as well as the recipient VASP. The tool also scans addresses associated with incoming crypto transactions and verifies the originating VASP. In addition, it issues Know Your VASP digital certificates. All this forms the basis of an encrypted and mutually authenticated infrastructure for the secure sharing of sensitive data.

Crypto.com's Chief Compliance Officer Antonio Alvarez told Cointelegraph why the company had chosen the CipherTrace tool in particular:

“For a travel rule tool to be useful, it needs broad acceptance, common standards and interoperability (with other tools). CipherTrace's Traveler is based on Trisa's Alliance which aims to address several points including interoperability. We are proud to be the first platform to implement Traveler and look forward to working with CipherTrace and our industry more broadly to standardize how compliance is handled.”

At the beginning of 2020, CipherTrace's chief financial analyst John Jefferies said, “Travel Rule enforcement is simultaneously the biggest milestone and the biggest setback for crypto. It has and will continue to force a level of maturity that will enable the industry to grow into an institutionally accepted asset class [...] It also presents an existential threat for many exchanges and poses potential privacy issues for users. The Travel Rule compliance operations will be costly even with open-source software like Trisa.”

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MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
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