Robinhood Crypto, a cryptocurrency arm of Robinhood, selected Chainalysis, a blockchain forensic firm, as its data and compliance solutions provider. According to Chainalysis, the Menlo Park-based fintech broker wants to meet compliance requirements for the upcoming launch of Robinhood cryptocurrency wallets.
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Robinhood's crypto wallets will provide customers the ability to deposit and withdraw a wide variety of cryptocurrencies, including bitcoin (EXANTE: Bitcoin), ether (ETH), dogecoin (DOGE), and more. Particularly, Robinhood Crypto will adopt Chainalysis KYT and Chainalysis Reactor, software solutions to flag risky and "illicit transactions in real-time."
As iHodl earlier reported, the waitlist for Robinhood's cryptocurrency wallet now counts over one million subscribers. Robinhood CEO, Vlad Tenev, said that the cryptocurrency wallet has "certain advantages" that make it kind of global and accessible by default.
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