Online broker Robinhood announced a partnership with analytics platform Chainalysis ahead of the launch of its own cryptocurrency wallet. According to Decrypt.
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According to the statement, to ensure regulatory compliance the company uses Chainalysis KYT and Reactor tools for its Robinhood Crypto trading app, and later for the wallet.
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The KYT software, which flags suspicious transactions in real time, is expected to help the firm combat money laundering. The Reactor tool will provide an interface enabling deeper analysis of on-chain data before suspicious activity is detected.
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Robinhood also noted that staff would undergo Chainalysis compliance-certification programs.
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\”Chainalysis works closely with regulators and law enforcement to develop leading industry practices, and this approach aligns with Robinhood’s commitment to work jointly with policymakers,\” said Ben Einstein, Director of Partnerships for Robinhood Crypto.
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According to the company, the waitlist for the developing crypto wallet has surpassed one million users.
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Earlier in September, Robinhood confirmed testing of a crypto-asset storage app.
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