Robinhood Turns to Chainalysis to Boost Compliance Ahead of Crypto Wallet Launch

Popular buying and selling platform Robinhood has partnered with blockchain knowledge platform Chainalysis to satisfy compliance necessities. Robinhood is making ready to launch its pockets, which has a waitlist of greater than 1.6 million customers.

Robinhood Partners With Chainalysis for Compliance

Blockchain knowledge analytics agency Chainalysis introduced Monday “an built-in partnership with on-line brokerage app Robinhood Crypto.” The firm defined:

Robinhood will leverage Chainalysis knowledge and instruments to satisfy compliance necessities and supply Robinhood clients with the boldness they should commerce cryptocurrency safely.

Robinhood Crypto will undertake Chainalysis KYT and Chainalysis Reactor. The former “flags dangerous and illicit transactions in real-time” whereas the latter “allows deeper due diligence into potential suspicious exercise.”

Chainalysis added that Robinhood may even leverage its certification packages “to make sure their groups are properly versed within the information and abilities required to function a compliant cryptocurrency enterprise.”

Robinhood’s Upcoming Wallet Launch

The blockchain knowledge agency famous:

Robinhood Crypto turned to Chainalysis forward of the anticipated launch of Robinhood crypto wallets which at the moment has a waitlist of greater than 1.6M.

Robinhood Crypto’s wallets will present clients the power to deposit and withdraw cryptocurrencies supported by the platform.

Currently, customers should buy and promote seven cryptocurrencies on Robinhood: bitcoin, bitcoin money, bitcoin sv, dogecoin, ethereum, ethereum basic, and litecoin. Furthermore, Robinhood Crypto helps real-time market knowledge for bitcoin gold, lisk, monero, neo, omisego, qtum, XRP, stellar, and zcash.

The meme crypto dogecoin (DOGE) accounted for 40% of the corporate’s cryptocurrency transaction-based income for the three months ended Sept. 30, the corporate said throughout its Q3 earnings name.

Christine Brown, Robinhood Crypto’s COO and VP of Product Operations, shared some particulars of the platform’s upcoming pockets in November. “We are actively in our alpha so we do have customers we’re onboarding who’re really gaining access to this product immediately, proper now,” she said on the time.

Meanwhile, supporters of the meme cryptocurrency shiba inu have petitioned for Robinhood so as to add SHIB to its platform. The petition on Change.org has garnered nearly 550K signatures however Robinhood just lately stated it’s in no hurry so as to add one other cryptocurrency.

What do you consider Robinhood partnering with Chainalysis and its upcoming pockets launch? Let us know within the feedback part beneath.