In preparation for its crypto wallet rollout, Robinhood is integrating analytics tools from leading crypto intelligence firm Chainalysis, according to an announcement shared with The Block.
Currently, Robinhood offers users exposure to the price movements of various cryptocurrencies on its brokerage app, which also offers more traditional stock trading. However, users cannot withdraw or deposit crypto off-platform.
In September, Robinhood announced plans to change this and allow users to move tokens as they would be able to on a crypto exchange like Coinbase or Kraken. That is primarily a regulatory challenge, as the expectations for such a widely used platform to protect against money laundering are quite high.
“The executive team has spent significant resources and capital to embed that principle into every level of the organization,” Ben Einstein, Robinhood Crypto’s head of partnerships, said in a statement. “Chainalysis works closely with regulators and law enforcement to
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