Chainalysis will start tracking cryptocurrency in Robinhood ap | DeFi Check

Chainalysis will start tracking cryptocurrency in Robinhood app

Chainalysis, a blockchain provider of tools and services for transaction tracking, became a partner of Robinhood, an online broker. The company announced this on its blog. The analytics data provider will start tracking digital currency available in Robinhood's cryptocurrency app, Robinhood Crypto.

According to the announcement, the partnership with Chainalysis is necessary to comply with regulatory requirements. The company is expected to monitor not only bitcoin, but also dogecoin (DOGE), ether (ETH) and other altcoins on Robinhood Crypto's list.

Ben Einstein, head of partnerships at Robinhood Crypto, said the company chose Chainalysis for security reasons.

"Chainalysis develops industry standards with regulators and enforcement agencies, which is consistent with Robinhood's commitment."