Robinhood Turns to Chainalysis to Boost Compliance Ahead of Crypto Wallet Launch – Featured Bitcoin News

Robinhood is a leading trading platform that has partnered up with Chainalysis blockchain data platform in order to fulfill compliance requirements. Robinhood has announced that it will launch its wallet. It currently has over 1.6 million members on the waitlist.

Robinhood Partners with Chainalysis for Compliance

Blockchain data analytics firm Chainalysis announced Monday “an integrated partnership with online brokerage app Robinhood Crypto.” The company explained:

Robinhood will use Chainalysis data to comply with compliance and give Robinhood customers the security they require to trade crypto safely.

Robinhood Crypto will be adopting Chainalysis KYT, Chainalysis Reactor. The former “flags risky and illicit transactions in real-time” while the latter “enables deeper due diligence into potential suspicious activity.”

Chainalysis added that Robinhood will also leverage its certification programs “to ensure their teams are well versed in the knowledge and skills required to operate a compliant cryptocurrency business.”

Robinhood’s Upcoming Wallet Launch

Blockchain data firm mentioned:

Robinhood Crypto partnered with Chainalysis to prepare for the launch of Robinhood’s crypto wallets. There is currently a waiting list of over 1.6M.

Robinhood Crypto’s wallets will provide customers the ability to deposit and withdraw cryptocurrencies supported by the platform.

Robinhood allows you to sell and buy seven different cryptocurrencies: bitcoin, Bitcoin Cash, Bitcoin sv and Dogecoin. Robinhood Crypto provides market data in real time for bitcoin gold (lisk), monero., neo., omisego.qtum.XRP., stellar., and zcash.

The meme crypto dogecoin (DOGE) accounted for 40% of the company’s cryptocurrency transaction-based revenue for the three months ended Sept. 30, the company said during its Q3 earnings call.

Christine Brown, Robinhood Crypto’s COO and VP of Product Operations, shared some details of the platform’s upcoming wallet in November. “We are actively in our alpha so we do have users we are onboarding who are actually getting access to this product today, right now,” she said at the time.

Robinhood is requesting that supporters of the meme crypto shiba-inu petition for it to add SHIB. The petition on has garnered almost 550K signatures but Robinhood recently said it’s in no hurry to add another cryptocurrency.

You have to tell us what you think of Robinhood’s collaboration with Chainalysis, and the upcoming wallet launch. Please leave your comments below.

Kevin Helms

Kevin is a graduate of Austrian Economics. He discovered Bitcoin in 2011, and has been an advocate ever since. He is interested in Bitcoin security and open-source software, network effects, and the intersection of cryptography and economics.

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