Blockchain data analytics firm Chainalysis reported Monday “an integrated partnership with online brokerage application Robinhood Crypto.” Robinhood Crypto will embrace Chainalysis KYT and Chainalysis Reactor. The previous “flags risky and illicit transactions in real-time” while the last option “empowers further due constancy into possible suspicious activity.” Chainalysis added that Robinhood will likewise use its certificate programs “to ensure their groups are well versed in the information and skills required to operate a compliant cryptocurrency business.” Robinhood Crypto’s wallets will give clients the capacity to store and pull out digital currencies upheld by the stage.
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.
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.
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.
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.
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.
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.
News Summary:
- Robinhood Turns to Chainalysis to Increase Compliance Ahead of Crypto Wallet Launch
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