Chainalysis (NASDAQ: Crypto) announced on Monday its integration partnership with Robinhood, the popular online brokerage. Under the agreement, Robinhood will leverage Chainalysis’ data and analytics tools to meet compliance requirements and provide Robinhood customers with everything needed to trade cryptocurrency safely.

Robinhood engaged Chainalysis before the expected launch of Robinhood’s Crypto wallet solution. There is currently a waiting list of over 1.6 million potential users. Robinhood customers can now deposit or withdraw many cryptocurrencies using the digital wallet. Users can’t move their cryptos away from Robinhood at the moment.

Market leaders like Robinhood, which are leading fintech firms in the market, have seen a huge increase in cryptocurrency trading. This has led to more people being exposed to the asset class and a greater adoption of crypto currency globally. But, increasing consumer access to cryptocurrency means that regulatory compliance is paramount. Chainalysis’ comprehensive data set and real-time monitoring and investigative solutions help compliance teams build trust, keep accounts safe, and expand their cryptocurrency offerings.

“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.”
Robinhood Crypto will adopt Chainalysis “know your customer” and Chainalysis Reactor, software solutions that leverage Chainalysis data to manage a vast set of compliance needs. Robinhood Crypto also will leverage Chainalysis certification programmes to ensure that their team is trained in and knows the requirements of operating a crypto-compliant business.

“Cryptocurrency’s open, transparent, and decentralized technology is designed to democratize finance,”
Jonathan Levin is Chainalysis’ Co-Founder, Chief Strategy Officer and Chief Strategist.

“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.”

Flipside

• Robinhood has come under fire this year for blocked trades and criticisms against its custody practices that haven’t allowed investors to take ownership of crypto assets from its platform.
• Let’s hope this Robinhood Crypto wallet upgrade changes that.

Why you should care

Robinhood is a popular choice for investors among Gen Z, Millennials and Millennials. The upgrades are likely to encourage its continued use and adoption, as well as the integration of crypto.

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