Robinhood partners with Chainalysis to launch compliant crypto wallet
Blockchain analytics firm Chainalysis will work with Robinhood to provide data and tools for transactions ahead of the app’s launch of its crypto wallet.
In a statement Monday, Chainalysis said the integration with Robinhood Crypto will help the trading app meet compliance requirements ahead of the launch of its crypto wallet, which is expected to be available to all users in early 2022. The platform will use Chainalysis’ compliance monitoring solution Know-Your-Transaction, as well as its investigative software Chainalysis Reactor, Robinhood said. The trading app also said its team will use Chainalysis’ certification process for compliance.
“Chainalysis works closely with regulators and law enforcement to develop industry best practices, an approach that aligns with Robinhood’s commitment to working with policymakers,” said Ben Einstein, head of partnerships at Robinhood Crypto.
According to Robinhood, more than 1.6 million people are waiting for wallets that support depositing and withdrawing Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and other tokens. The trading app has been testing its digital wallet functionality since it was first announced in September.
Chainalysis is adopted by many government agencies and private sector companies as a solution for tracking legal and illicit crypto transactions. When the U.S. Treasury Department announced it would impose sanctions on Suex OTC, a company based in the Czech Republic and Russia, it cited an investigation by the analyst firm.
After listing on Nasdaq in July, Robinhood stock has fallen steadily from its all-time high of $70.39 on Aug. 4 to $21.83 at the time of writing, a drop of roughly 70%.
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