The 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 waiting list of more than 1.6 million users.

Robinhood partners with Chainalysis to achieve compliance

Blockchain data analysis company Chainalysis announced on Monday that it “established a comprehensive partnership with online brokerage application Robinhood Crypto.” The company explained:

Robinhood will use Chainalysis data and tools to meet compliance requirements and provide Robinhood customers with the confidence they need to trade cryptocurrencies safely.

Robinhood Crypto will adopt Chainalysis KYT and Chainalysis Reactor. The former “marks risks and illegal transactions in real time”, while the latter “can conduct deeper due diligence on potential suspicious activities.”

Chainalysis added that Robinhood will also use its certification program to “ensure that their team is proficient in the knowledge and skills required to operate a compliant cryptocurrency business.”

Robinhood’s upcoming wallet

The blockchain data company pointed out:

Before the Robinhood crypto wallet is expected to launch, Robinhood Crypto switched to Chainalysis, and the waiting list currently exceeds 1.6 million.

Robinhood Crypto’s wallet will provide customers with 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. In addition, Robinhood Crypto supports bitcoin gold, lisk, monero, neo, omisego, qtum, Ripple, Stellar and zcash.

The company’s three months ended September 30, meme dongle (DOGE) accounted for 40% of the company’s revenue based on cryptocurrency transactions Say In the third quarter earnings conference call.

Christine Brown, Chief Operating Officer and Vice President of Product Operations of Robinhood Crypto, shared some details of the upcoming wallet on the platform in November. “We are actively conducting Alpha testing, so we do have some users joining and they can actually access the product now,” she said Say then.

At the same time, supporters of the meme cryptocurrency shiba inu have requested Robinhood to add SHIB to its platform. The petition on Change.org has received nearly 550K sign But Robinhood recently said it’s Not in a hurry Add another cryptocurrency.

What do you think of Robinhood’s collaboration with Chainalysis and its upcoming wallet? Please let us know in the comments section below.

Kevin Helms

As a student of Austrian economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

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