Cryptocurrency

Robinhood cooperated with Chainalysis before the launch of the crypto wallet

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Blockchain analysis company Chainalysis will work with Robinhood to provide data and tools for transactions before the application launches its encrypted wallet.

In Monday’s announcement, Chainalysis stated that the comprehensive partnership with Robinhood Crypto will help the trading application meet compliance requirements before launching its encrypted wallet, which is expected to be available to all users in early 2022. According to Robinhood, the platform will use Chainalysis’ to understand your transactions, the company’s monitoring compliance solution, and its investigation software Chainalysis Reactor. The trading application also stated that its team will use Chainalysis’s certification program to achieve compliance.

“Chainalysis works closely with regulators and law enforcement agencies to develop industry best practices, and this approach is consistent with Robinhood’s commitment to work collaboratively with policy makers,” said Ben Einstein, head of Robinhood Crypto partnerships.

According to Robinhood, there are more than 1.6 million people on the waiting list for the wallet, which will support the deposit and withdrawal of Bitcoin (Bitcoin), ether (Ethereum), Dogecoin (dog) And other tokens.The trading app has been testing its digital wallet functionality Since it was first announced In September.

Many government agencies and private sector companies use Chainalysis as a solution for tracking legal and illegal crypto transactions.When the U.S. Treasury Department announced that it would Sanctions imposed on the business Suex OTC in the Czech Republic and Russia, Which cited a survey conducted by an analysis company.

related: BitMEX turned to Chainalysis to solve legal problems, or at least mitigate the CFTC’s blow

Rear Listed on NASDAQ In July, Robinhood (HOOD)’s stock price steadily fell from its all-time high of $70.39 on August 4 to $21.83 at the time of its release, a drop of approximately 70%.