Airbnb has received the official seal of approval when it comes to how it runs its business as part of newly introduced plans for a sharing economy kitemark in the UK.
The home rental unicorn is the latest company in the burgeoning multi-billion pound sector to get the TrustSeal approval, along with ticketing site StubHub, travel website TrustedHousesitters and car rental firm HiyaCar.
The innovative plan to highlight companies following best practice is the first of its kind and was set up by industry body Sharing Economy UK last year. It indicates that the business agrees to standards and abide by good practice such as background checks and insurance signalling to consumers it can be trusted.
"The TrustSeal is an important development to set standards and expectations for users and to continue building trust, and we're proud to be one of the first sharing economy businesses to be awarded with the accolade," said Airbnb general manager for Northern Europe James McClure,
"The sharing economy is growing fast as it delivers great experiences and we're excited to see the UK keep driving the sharing economy forwards and to be part of this latest innovation."
The sharing economy is expected to be worth £140bn in the next decade but many businesses in the space have fallen into a grey area, with regulators struggling to adapt to their new ways of operating.
“For the sharing economy to reach its full potential, it must continue to build trust amongst a growing customer base and that’s the objective of the TrustSeal," said the group's chair and chief executive of Easy Car Richard Laughton.
"Our ambition now is for more companies in the sector to follow in their footsteps.”