Blockchain analytics firm Chainalysis will be joining forces with Robinhood to provide data and tools for trading in advance of the app launching its crypto wallet.
Chainalysis stated the integrated partnership with Robinhood Crypto will aid the trading app meet compliance requirements ahead of the launch of its crypto wallet, expected to roll out for all users in early 2022. The platform will adopt Chainalysis’ Know Your Transaction which is the firm’s monitoring compliance solution, in addition to Chainalysis Reactor, its investigations software. The trading app also stated that its teams would be using Chainalysis’ certification programs to achieve compliance.
Robinhood Crypto head of partnerships Ben Einstein said that ‘’Chainalysis works closely with regulators and law enforcement to develop industry best practices and that method is aligned with Robinhood’s commitment to working with policymakers in a collaborative manner,”
Robinhood detailed that more than 1.6 million people are on the waitlist for a wallet, which will support depositing and withdrawing Bitcoin, Ether , Dogecoin and other tokens. The trading app has been testing its digital wallet feature since it was first announced in September.
