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Robinhood Turns to Chainalysis to Boost Compliance Ahead of Crypto Wallet Launch – Featured Bitcoin News

Popular buying and selling platform Robinhood has partnered with blockchain information platform Chainalysis to meet compliance necessities. Robinhood is making ready to launch its pockets, which has a waitlist of greater than 1.6 million customers.

Robinhood Partners With Chainalysis for Compliance

Blockchain information analytics agency Chainalysis introduced Monday “an integrated partnership with online brokerage app Robinhood Crypto.” The firm defined:

Robinhood will leverage Chainalysis information and instruments to meet compliance necessities and supply Robinhood prospects with the boldness they want to commerce cryptocurrency safely.

Robinhood Crypto will undertake Chainalysis KYT and Chainalysis Reactor. The former “flags risky and illicit transactions in real-time” whereas the latter “enables deeper due diligence into potential suspicious activity.”

Chainalysis added that Robinhood will even leverage its certification packages “to ensure their teams are well versed in the knowledge and skills required to operate a compliant cryptocurrency business.”

Robinhood’s Upcoming Wallet Launch

The blockchain information agency famous:

Robinhood Crypto turned to Chainalysis forward of the anticipated launch of Robinhood crypto wallets which at the moment has a waitlist of greater than 1.6M.

Robinhood Crypto’s wallets will present prospects the power to deposit and withdraw cryptocurrencies supported by the platform.

Currently, customers should purchase and promote seven cryptocurrencies on Robinhood: bitcoin, bitcoin money, bitcoin sv, dogecoin, ethereum, ethereum traditional, and litecoin. Furthermore, 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 mentioned 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 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 mentioned on the time.

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 virtually 550K signatures however Robinhood just lately mentioned it’s in no hurry to add one other cryptocurrency.

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

Kevin Helms

A scholar of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source methods, community results and the intersection between economics and cryptography.

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