Robinhood has announced a partnership with analytics company Chainalysis

This partnership will ensure customers’ security and help in the fight against money laundering

14.12.2021 - 09:05

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1 min

What’s new? Robinhood, a brokerage platform, has announced a partnership with the Chainalysis analytics company, Decrypt reports. The company will use Chainalysis Know Your Transaction (KYT) and Reactor software to secure its own Robinhood Crypto brokerage application and crypto wallet.

Link to the Decrypt material

How will the collaboration with Chainalysis help? KYT's software will mark suspicious transactions for Robinhood in real time, which will help in the fight against fraudsters and money laundering. And the Reactor interface will make it easier to analyze and verify the payment chain. The company also said that its employees will be certified by Chainalysis.

What are these security measures for? 2021 has been a tough one for Robinhood. In early November, the company had an incident in which more than 5 million customers’ email addresses were stolen. The company's stock price also plummeted dramatically this year, from $70 to $19,95. Robinhood is now looking to strengthen its position and is taking all necessary measures for this.

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