Robinhood, an app that is very popular amongst Reddit users, has said recently that they will adopt the Chainalysis monitoring compliance solution. Known as the “Know Your Transaction” it will be acquired along with the investigation software called the Chainalysis reactor.
An analytics firm by nature that specializes in blockchains has partnered with Robinhood to give the app state-of-the-art trading and data tools. This was done to strengthen the crypto wallet that they will soon be releasing.
The partnership was announced on Monday and Robinhood has said that they will be releasing the app in early 2022. The app will have teams that have been certified by Chainalysis’s certification program. This will ensure that the partnership is seamless and efficient,
Chainalysis has a history of working closely with regulators and various law enforcement bodies to develop the industry’s best practices. Robinhood has claimed that more than 1.6 million people are already on the waitlist for their wallets. It will support BTC, ETH, DOGE, and some other tokens to begin with but later, the list will be expanded.
The app has been beta testing its wallet since September and if everything goes well, we will be able to see it in early 2022. Robinhood partnered with Chainalysis to bring legitimacy to the wallet and Chainalysis is the leader in tracking blockchain transactions.
This way, Robinhood can track both legal and illicit transactions and give the users a great experience. If you have been planning to get in on the crypto game, right now is the best time to do so