Home News Robinhood partners with Chainalysis ahead of crypto wallet launch

Robinhood partners with Chainalysis ahead of crypto wallet launch

389
0

In preparation for the app’s debut of its crypto wallet, Chainalysis, a blockchain analytics firm, will collaborate with Robinhood to provide data and trading tools.

The integrated relationship with Robinhood Crypto, according to Chainalysis, will help the trading app meet compliance standards ahead of the launch of its crypto wallet, which is planned to roll out to all users in early 2022. Robinhood will use Chainalysis’ Know-Your-Transaction, a monitoring compliance solution, as well as Chainalysis Reactor, an investigation programme, according to the company. Chainalysis’ certification processes will be used by the trading app’s teams to achieve compliance, according to the company.

“Chainalysis collaborates closely with regulators and law enforcement. In order to promote industry best practises”, said Robinhood Crypto’s head of partnerships Ben Einstein.

More than 1.6 million individuals have signed up for a Robinhood wallet. That will allow them to deposit and withdraw Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), and other digital currencies. Since its first announcement in September, the trading app has been testing its digital wallet feature.

Robinhood crypto wallet waitlist hits 1 million people

Chainalysis is in use by a number of government organisations and private companies. In order to track both legal and illegal cryptocurrency transactions. The US Treasury Department highlighted an investigation conducted by the analytics firm when announcing penalties against the Czech Republic and the Russian-based company Suex OTC.

The share price of Robinhood (HOOD) has progressively plummeted since coming public on the Nasdaq in July. Falling from an all-time high of $70.39 on Aug. 4 to $21.83 at the time of publication, a reduction of almost 70%.

Previous articleBinance Singapore withdraws crypto license application
Next articleBadger DAO revealed details of $120M hack