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 waitlist of more than 1.6 million users.
Robinhood partners with Chainalysis for compliance
Blockchain data analytics company Chainalysis announced on Monday “an integrated partnership with online brokerage app Robinhood Crypto.” 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.
Robinhood Crypto will adopt Chainalysis KYT and Chainalysis Reactor. The former “reports risky and illicit transactions in real time” while the latter “allows for more in-depth due diligence on potential suspicious activity”.
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.
Robinhood Crypto Wallets 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. Furthermore, Robinhood Crypto supports real-time market data for bitcoin gold, lisk, monero, neo, omisego, qtum, XRP, stellar, and zcash.
The same crypto dogecoin (DOGE) accounted for 40% of the company’s cryptocurrency transaction-based revenue for the three months ended September 30, the company said in its third quarter earnings call.
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.
Meanwhile, proponents of the shiba inu meme cryptocurrency have asked Robinhood to add SHIB to its platform. The Change.org petition garnered nearly 550,000 signatures, but Robinhood recently said it was in no rush to add another cryptocurrency.
