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


By Yes Mobile

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

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

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

Robinhood Companions With Chainalysis for Compliance

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

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

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

Chainalysis added that Robinhood may also leverage its certification applications “to make sure their groups are nicely versed in the information and expertise required to function a compliant cryptocurrency enterprise.”

Robinhood’s Upcoming Pockets Launch

The blockchain knowledge agency famous:

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

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

Presently, customers should purchase and promote seven cryptocurrencies on Robinhood: bitcoin, bitcoin money, bitcoin sv, dogecoin, ethereum, ethereum basic, and litecoin. Moreover, 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 mentioned 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’re actively in our alpha so we do have customers we’re onboarding who’re really gaining access to this product in the present day, proper now,” she mentioned on the time.

In the meantime, supporters of the meme cryptocurrency shiba inu have petitioned for Robinhood so as to add SHIB to its platform. The petition on has garnered virtually 550Okay signatures however Robinhood just lately mentioned 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? Tell us in the feedback part under.

Kevin Helms

A pupil of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source programs, community results and the intersection between economics and cryptography.

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