Online brokerage app Robinhood Crypto has hired blockchain data platform Chainalysis to provide compliance services and more for users.
Partnership
Blockchain analytics firm Chainalysis will be partnering with Robinhood to provide data and tools for trading in advance of the app launching its crypto wallet. The trading app will adopt Chainalysis’ monitoring compliance solution Know Your Transaction as well as the Chainalysis Reactor, its investigations software.
Robinhood Crypto turned to Chainalysis ahead of the anticipated launch of Robinhood crypto wallets which currently has a waitlist of more than 1.6M. 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, zcash and etc.
As a result, Robinhood seems to be playing it safe before the crypto wallet launch. The intense focus and safety and compliance come following this bumpy ride. However, the demand for Robinhood’s crypto wallet seems to be very high.
Quotes
“We have a strong ‘Safety First’ policy which guides our decision making and our customer’s safety as our number one priority,” said Ben Einstein, Head of Partnerships, Robinhood Crypto. “The executive team has spent significant resources and capital to embed that principle into every level of the organization. Chainalysis works closely with regulators and law enforcement to develop industry best practices and that approach is aligned with Robinhood’s commitment to working with policymakers in a collaborative manner.”
“Cryptocurrency’s open, transparent, and decentralized technology is designed to democratize finance,” said Jonathan Levin, Co-Founder and Chief Strategy Officer, Chainalysis. “We are thrilled to work with Robinhood Crypto – a company laser focused on building financial products that work for everyone – to build trust in cryptocurrency and promote more financial freedom with less risk.”
