Chainalysis, the blockchain data platform, today announced an integrated partnership with online brokerage app Robinhood Crypto. Robinhood will leverage Chainalysis data and tools to meet compliance requirements and provide Robinhood customers with the confidence they need to trade cryptocurrency safely. Robinhood Crypto turned to Chainalysis ahead of the anticipated launch of Wallets, which has a 1.6 million-user waitlist. Wallets will enable customers to deposit and withdraw a number of cryptocurrencies – Bitcoin, Ethereum, Dogecoin, and others – thereby connecting their customers to the blockchain.
As cryptocurrency adoption continues to accelerate globally, market-leading fintech companies like Robinhood are experiencing massive growth in crypto trading and more demand for exposure to the asset class than ever before. However, growing consumer access to cryptocurrency requires increased attention toward regulatory compliance standards. Chainalysis’s comprehensive monitoring and investigation solutions help compliance teams build trust, protect their users, and expand their cryptocurrency offerings.
“Cryptocurrency’s open, transparent, and decentralized technology is designed to democratize finance,” said Jonathan Levin, Co-Founder and Chief Strategy Officer, Chainalysis. “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.”
“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 KYT and Chainalysis Reactor, software solutions that leverage Chainalysis data to manage a vast set of compliance needs. Chainalysis KYT flags risky and illicit transactions in real-time, while Chainalysis Reactor enables deeper due diligence into potential suspicious activity. With these tools and a simple API integration, Robinhood Crypto can access the same blockchain data government agencies use and easily integrate it into their systems to reduce manual workflows. Robinhood Crypto will also leverage Chainalysis certification programs to ensure their teams are well versed in the knowledge and skills required to operate a compliant cryptocurrency business.
Chainalysis is the blockchain data platform. We provide data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 60 countries. Our data powers investigation, compliance, and market intelligence software that has been used to solve some of the world’s most high-profile criminal cases and grow consumer access to cryptocurrency safely. Backed by Accel, Addition, Benchmark, Coatue, Paradigm, Ribbit, and other leading firms in venture capital, Chainalysis builds trust in blockchains to promote more financial freedom with less risk. For more information, visit www.chainalysis.com.
Senior Director of Communications