The list of those waiting to open a crypto wallet is more than one and a half million people. At the moment, users of the Robinhood trading application can buy and sell some cryptocurrencies, but still, the service does not provide for such opportunities as exchanging cryptocurrencies with other users, buying NFT tokens, etc. All this will become possible after the launch of the crypto wallet, the testing of which has begun in September this year.
At the end of the second quarter, more than 50% of Robinhood's income is the share of cryptocurrency transactions. After the launch of the crypto wallet, a significant increase in this percentage is predicted.
Robinhood is partnering with blockchain analytics company Chainalysis to meet all Know Your Transaction requirements for a trading application. Analyst company certification programs will be used for the Robinhood trading application. Chainalysis partners with the FBI, Department of the Air Force, Treasury Secret Service (USSS), Drug Enforcement Administration (DEA), Securities and Exchange Commission (SEC), Transportation Security Administration (TSA), Bureau of Compliance Immigration and Customs Enforcement (ICE), Financial Crime Network (FinCEN), IRS, (USSS), Commodity Futures Trading Commission (CFTC). An analytical company monitors legal and illegal cryptocurrency transactions.
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“Chainalysis is working closely with regulators and law enforcement to develop industry best practices, and this approach aligns with Robinhood's commitment to working together with policymakers,” said Ben Einstein, head of the Robinhood Crypto partnership.
Recall, Robinhood's crypto revenue fell by almost 80% in the third quarter.