In a significant move aimed at simplifying cryptocurrency transactions for users, Robinhood has integrated with MetaMask, the world’s largest self-custodial Web3 wallet.
The partnership, announced on Tuesday, February 6th, will allow customers to seamlessly purchase cryptocurrencies through Robinhood’s low-cost ordering engine.
Notably, this integration is an important milestone in MetaMask’s continued efforts to drive Web3 adoption, providing users with seamless, secure, and self-custodial onboarding into the ecosystem. For context, self-custodial solutions like MetaMask give cryptocurrency users complete control over their digital assets.
By integrating MetaMask’s self-custody capabilities with Robinhood’s easy-to-use platform, customers will be able to purchase crypto assets through MetaMask’s Buy Crypto feature, simplifying the process across multiple service providers.
Lorenzo Santos, senior product manager at Consensys, which developed MetaMask, expressed his excitement about the integration: “The integration of MetaMask and Robinhood is an exciting step in our shared effort to reduce friction for users seeking access to self-custodial options.” He further emphasized the importance of giving users greater control and ownership over their digital assets.
Seong Lee, head of product at Robinhood Crypto, echoed this sentiment, emphasizing Robinhood’s mission to democratize finance and reduce friction for users. Lee highlighted the seamless experience that Robinhood Connect provides, making it easy for existing customers to fund their self-custody wallets.
The announcement comes against the backdrop of changing user preferences in the digital environment. A 2023 global survey conducted by ConsenSys reveals a growing desire among internet users to have more control over their online identities and possessions, streamlining accessibility to self-custodial services. It became clear that this was extremely important.
Meanwhile, MetaMask and Robinhood’s recent partnership will streamline the process for new users to acquire assets such as Shiba Inu, one of the most actively traded cryptocurrencies on the platform.
Despite being a traditional trading platform, Robinhood has supported the SHIB community since listing Memecoin in mid-2022. It is worth noting that in early January last year, Robinhood started supporting SHIB in its Web3 wallet along with other notable cryptocurrencies such as Solana (SOL) and Polygon (MATIC). Notably, in recent months, the exchange has accumulated billions of Shiba Inu (SHIB), making SHIB the third largest crypto asset held by the exchange.
At the time of writing, SHIB was trading at $0.000009423, reflecting a 7% increase from Tuesday.