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Robinhood Turns to Chainalysis to Increase Compliance Forward of Crypto Pockets Launch

12/14/2021
Robinhood Turns to Chainalysis to Boost Compliance Ahead of Crypto Wallet Launch

Common buying and selling platform Robinhood has partnered with blockchain information platform Chainalysis to satisfy 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 information analytics agency Chainalysis introduced Monday “an built-in partnership with on-line brokerage app Robinhood Crypto.” The corporate defined:

Robinhood will leverage Chainalysis information and instruments to satisfy 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 “permits deeper due diligence into potential suspicious exercise.”

Chainalysis added that Robinhood will even leverage its certification applications “to make sure their groups are effectively versed within the data and expertise required to function a compliant cryptocurrency enterprise.”

Robinhood’s Upcoming Pockets Launch

The blockchain information 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 power to deposit and withdraw cryptocurrencies supported by the platform.

At the moment, customers should buy and promote seven cryptocurrencies on Robinhood: bitcoin, bitcoin money, bitcoin sv, dogecoin, ethereum, ethereum basic, and litecoin. Moreover, Robinhood Crypto helps real-time market information 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 stated 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 having access to this product in the present day, proper now,” she stated 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 Change.org has garnered virtually 550K signatures however Robinhood lately stated it’s in no hurry so as to add one other cryptocurrency.

What do you concentrate on Robinhood partnering with Chainalysis and its upcoming pockets launch? Tell us within the feedback part under.