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- Robinhood has collaborated with Chainalysis to adopt its compliance tool and investigation software
- The latest partnership will help Robinhood’s trading app meet compliance requirements ahead of the launch of its crypto wallet
- Over 1.6 million of its clients are waiting for its crypto wallet launch
Robinhood, one of the most controversial trading platforms, allows its users to trade digital assets with no commission. Recently it has been announced that the platform has partnered with Chainalysis, the blockchain data firm. Notably, the data firm has recently integrated support for the Bitcoin Lightning network to make its compliance tool available for firms processing BTC transactions. According to the coalition announcement, the trading app has adopted the blockchain data firm’s monitoring compliance solution, Know Your Transaction, along with its investigations software, the Chainalysis Reactor.
Robinhood seeks to launch a crypto wallet
Robinhood has collaborated with the blockchain data firm Chainalysis. The coalition aims to offer data and tools for trading in advance of the trading app launching its cryptocurrency wallet. In the announcement made on Monday, Chainalysis highlighted that the integrated collaboration with Robinhood’s crypto platform would help the trading app meet compliance requirements ahead of the launch of its crypto wallet. Notably, the announcement also underscored that the wallet’s launch is expected in early next year.
According to the trading app provider, the platform will adapt the data firm’s Know Your Transaction compliance solution. Additionally, the platform will also adopt the Chainalysis Reactor, which is an investigations software.
Trading platform would use Chainalysis’ certification program
Robinhood would also be using Chainalysis’ certification programs. Notably, the program would help the platform achieve compliance. According to Ben Einstein, Robinhood’s head of partnership, Chainalysis, works closely with regulators and law enforcement to build industry best practices. Hence the approach would now be aligned with the trading platform’s commitment to working with policymakers collaboratively.
Robinhood’s users await its crypto wallet
According to Robinhood, over 1.6 million of its clients are waiting for its crypto wallet launch. It has been revealed that the wallet would support depositing and withdrawing Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) with other assets. Notably, the trading app has been testing its digital wallet feature since its first announcement in September.
Chainalysis solutions are tremendous
Chainalysis’ solutions are helping agencies, crypto platforms, and financial institutions to engage with decentralized digital assets with confidence. In recent developments, we have observed several government agencies and firms in the private sector have employed Chainalysis’ solutions. The solutions are helping in both tracking legitimate and illicit cryptocurrency transactions.
