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The popular Robinhood trading platform has partnered with the Chainalysis blockchain data platform to meet compliance requirements. Robinhood is set to launch its wallet, which has a waiting list of over 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 clients with the confidence they need to trade cryptocurrency securely.
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”.
Chainalysis added that Robinhood will also take advantage of its certification programs “to ensure that their teams have mastered the knowledge and skills required to operate a compliant cryptocurrency business.”
Robinhood Upcoming Portfolio Launch
The blockchain data company noted:
Robinhood Crypto turned to Chainalysis ahead of the planned launch of the Robinhood crypto wallets, which currently have a waitlist of over 1.6 million.
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. Additionally, Robinhood Crypto supports real-time market data for bitcoin, lisk, monero, neo, omisego, qtum, XRP, stellar, and zcash gold.
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, COO and VP of Product Operations at Robinhood Crypto, shared some details about the platform’s upcoming portfolio in November. “We’re actively in our alpha, so we have users that we’re bringing on that actually have 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.
What do you think of Robinhood’s partnership with Chainalysis and its upcoming portfolio launch? Let us know in the comments section below.
Kevin helms
Image credits: Shutterstock, Pixabay, Wiki Commons
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