Robinhood Turns to Chainalysis to Boost Compliance Ahead of Crypto Wallet Launch
Popular trading platform Robinhood has partnered with blockchain data platform Chainalysis to meet compliance requirements. Robinhood is preparing to launch its wallet, which has a waitlist of more than 1.6 million users. 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 leverage Chainalysis data and tools to meet compliance requirements and provide Robinhood customers with the confidence they need to trade cryptocurrency safely.
Robinhood Crypto will adopt Chainalysis KYT and 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
The blockchain data firm noted: Robinhood Crypto turned to Chainalysis ahead of the anticipated launch of Robinhood crypto wallets which currently has a waitlist of more than 1.6M.
Robinhood Crypto’s wallets will provide customers the ability to deposit and withdraw cryptocurrencies supported by the platform.
Currently, users can buy and sell seven cryptocurrencies on Robinhood: bitcoin, bitcoin cash, bitcoin sv, dogecoin, ethereum, ethereum classic, and litecoin. Furthermore, Robinhood Crypto supports real-time market data 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.
Meanwhile, supporters of the meme cryptocurrency shiba inu have petitioned for Robinhood to add SHIB to its platform. The petition on Change.org has garnered almost 550K signatures but Robinhood recently said it’s in no hurry to add another cryptocurrency. Tags in this story Chainalysis, Robinhood, robinhood blockchain, robinhood chainalysis, robinhood compliance, robinhood compliant, Robinhood Crypto, robinhood crypto chainalysis, robinhood shib, robinhood shiba inu
What do you think about Robinhood partnering with Chainalysis and its upcoming wallet launch? Let us know in the comments section below. Kevin Helms
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. "There"s More Work to Do" — 11 Years Ago, Satoshi Nakamoto Sent a Final Message to the Bitcoin Community FEATURED | 1 day ago Travala Now Accepts Shiba Inu Crypto — SHIB Can Be Used to Book 3 Million Travel Products Worldwide FEATURED | 6 days ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleThe First of Its Kind Metachain Project, ShuttleOne Joins Tezos Protocol Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCrowdfunding Platform Kickstarter Will Shift to Blockchain-Based Model
Kickstarter, one of the leading crowdfunding platforms on the market, has decided to abandon its current business model and migrate to a blockchain-based platform. This will be built by an independent organization funded initially by Kickstarter to work on the ... read more.Indian Prime Minister Modi Tells President Biden"s Summit: Cryptocurrency Should Be Used to Empower Democracy Indian Prime Minister Narendra Modi to Take Final Decision on Cryptocurrency Regulation Makersplace Plans to Drop World’s First 2pac NFT Collection Authorized by the Shakur Estate Gitcoin Deactivates Grant for Farsi Speaking Communities Due to U.S. Sanctions