Blockchain analytics company Chainalysis is reportedly forming an alliance with Robinhood, in a bid to offer data and tools supporting trading, in advance of the app introducing its crypto wallet.

Specifically, Chainalysis reportedly disclosed via a December 13th announcement, that the freshly formed alliance with Robinhood will make it possible for the trading app to satisfy the compliance requirements, before the official introduction of its crypto wallet, expected to be publicly available beginning 2022. 

Per Robinhood, the platform will reportedly employ Chainalysis’ Know Your Transaction – the firm’s monitoring compliance solution – apart from Chainalysis Reactor, its investigations software. 

The trading app further shared that it would be utilizing Chainalysis’ certification programs to achieve compliance.

“Chainalysis works closely with regulators and law enforcement to develop industry best practices and that approach is aligned with Robinhood’s commitment to working with policymakers in a collaborative manner,” Robinhood Crypto head of partnerships Ben Einstein additionally remarked regarding the development. 

Per Robinhood, over 1.6 million individuals are on the waitlist for a wallet – which offers to facilitate features for depositing and withdrawing Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), and other tokens. 

The trading app has reportedly been carrying out testing phases for its digital wallet feature since it was initially announced in September.

Numerous government agencies and firms across the private sector reportedly tap Chainalysis for a tracking solution of both legitimate and illicit crypto transactions.

When the United States Department of the Treasury revealed its intention to apply sanctions on the Czech and Russia-headquartered business Suex OTC, it mentioned an investigation from the analytics entity.