Robinhood partners with Chainalysis to launch a compliant crypto wallet in early 2022

The crypto division of Robinhood, a stock and cryptocurrency trading platform, will work with blockchain analysis company Chainalysis. Chainalysis said that the partnership with Robinhood Crypto will help meet compliance requirements before launching its crypto wallet, which is expected to be launched to all users in early 2022.

In addition, Robinhood is developing a feature that allows users to send cryptocurrency as a gift to other users.

Robinhood uses Chainalysis's monitoring compliance solution to understand your transaction (Know-Your-Transaction) and its analysis software Chainalysis Reactor, and uses Chainalysis's certification program to achieve compliance.

Chainalysis said it will help Robinhood Crypto launch an encrypted wallet that meets compliance requirements. The wallet is expected to be officially launched in early 2022.

Robinhood Chief Operating Officer Christine Brown said in November that 1.6 million users on its platform are waiting to launch a cryptocurrency wallet, which allows its users to transfer cryptocurrencies such as Bitcoin, Ether, Dogecoin, etc., to and from its brokerage accounts.

Many government agencies and private companies use Chainalysis technology to track legal and illegal encrypted transactions. When the US Treasury Department announced that it would impose sanctions on the Czech and Russian crypto exchanges Suex, it cited Chainalysis's investigation.