By
Godfrey Benjamin
April 26th, 2024
The deal allows MetaMask users to utilize Robinhood’s services to purchase digital assets directly through the MetaMask wallet.
MetaMask, one of the leading self-custodial wallet providers in the crypto industry, has joined forces with Robinhood, a popular online trading platform, to streamline the process of purchasing cryptocurrencies, aiming to make it more accessible to users worldwide.
The collaboration between the two platforms allows for seamless integration, offering users the convenience of buying digital assets through MetaMask’s self-custodial wallet using Robinhood’s order flow. To make that happen, the Web3 company has integrated Robinhood’s fiat-crypto on-ramp service known as Robinhood Connect into its “Buy Crypto” feature.
Streamlined Crypto Access
The move not only simplifies the purchasing process but also ensures a secure and self-custodial approach to crypto transactions, aligning with the growing demand for greater control and ownership among crypto enthusiasts and internet users.
In a blog post dated February 6, 2024, ConsenSys, the brains behind the development of MetaMask, said the integration of Robinhood’s Connect feature into the Web3 platform signifies a significant step forward in expanding access to the crypto market.
The deal allows MetaMask users to utilize Robinhood’s services to purchase digital assets directly through the MetaMask wallet. Similarly, Robinhood account holders gain the ability to fund and transfer their crypto assets to their MetaMask wallets, enhancing the versatility of their holdings.
A Shared Commitment
Lorenzo Santos, a senior product manager at ConsenSys, highlighted the significance of the partnership in a statement, emphasizing the aim to make crypto more accessible in a seamless and secure manner. He further stated that the collaboration with Robinhood reflects a shared commitment to reducing friction for users seeking access to self-custodial options, allowing for a more inclusive and user-friendly crypto experience.
“We know that crypto and internet users want greater control and ownership. This will help more people access crypto in a seamless and self-custodial manner, by offering more buying options with service providers they already use and trust,” he said.
Robinhood’s head of product at the crypto division, Seong Lee, on the other hand, said the company aims to reduce friction “wherever possible” to increase crypto adoption.
The collaboration between the two companies represents a significant step forward in realizing this vision, offering users a seamless experience that bridges the gap between traditional finance and the burgeoning world of cryptocurrencies.
By leveraging MetaMask’s wide-reaching infrastructure and integrating with its Buy Crypto aggregator, Robinhood aims to provide its customers with enhanced access to the global crypto market while maintaining its commitment to affordability and accessibility.
Meanwhile, the partnership comes as Robinhood continues its expansion efforts beyond the United States, having recently introduced its crypto trading services to the United Kingdom and Europe.
In December last year, the company announced the launch of a commission-free crypto trading app for EU customers. The move gives users access to more than 25 cryptocurrencies, including Bitcoin (BTC) and Ethereum (Ether).
