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Robinhood is Launching a Crypto Wallet, Has Partnered With Chainalysis
Last Updated: December 20, 2021
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The US-based popular stock exchange platform Robinhood has partnered with Chainalysis, a crypto industry analysis- & regulation-concerned project. Robinhood will be adopting and using the latter company’s Know Your Transaction compliance protocol, in addition to a branded investigation software called Chainalysis Reactor.
Robinhood plans to launch its own cryptocurrency wallet sometime in early 2022. This integration with Chainalysis will help the company comply with all of the industry rules and regulations ahead of the launch. On top of that, Robinhood will be using the Chainalysis Reactor to monitor any suspicious activities that would involve their wallet.
The “Alpha wallet” has already been subject to various experiments, and the first transfers have been made, internally. This will be the first time that Robinhood Crypto will allow users to transfer their assets to an external wallet, away from Robinhood.
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The company reports that over 1,6 million people have already entered the waitlist for the wallet product in question. Robinhood notes that users will be able to store, transfer, and transact with Bitcoin, Ethereum, Dogecoin, and other popular digital currencies.
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