This week, Consensys, a blockchain and Web3 software company, and Robinhood Markets launched the integration of Robinhood Connect with MetaMask, a self-custodial Web3 wallet. Using MetaMask’s Buy Crypto feature, customers can now purchase crypto through Robinhood’s order engine.
The companies said the launch is part of MetaMask’s ongoing goal of supporting the adoption of Web3 by providing more users with frictionless, secure, and self-custodial onboarding to Web3.
Self-custodial options like MetaMask allow crypto users to maintain complete control over their digital assets. By integrating two leading platforms in Web3 and financial technology, Robinhood’s customers can now use Robinhood Connect to purchase crypto through MetaMask’s Buy Crypto aggregator, which allows them to seamlessly and easily buy crypto from a number of different providers.
“The integration between MetaMask and Robinhood is an exciting step in our shared commitment to reduce friction for users seeking access to a self-custodial option,” said Lorenzo Santos, senior product manager at Consensys. “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.”
“At Robinhood it’s our mission to reduce friction wherever possible to increase adoption of web3,” said Seong Lee, head of product at Robinhood Crypto. “Robinhood Connect provides a seamless experience for existing Robinhood customers to fund their self-custody wallet via debit, bank transfer, or Robinhood buying power. This feature allows users to start using their crypto right away.”
A 2023 global survey of more than 15,000 respondents conducted by Consensys found a strong shift in internet user behavior toward active participation, empowerment, and broader community ownership. Roughly 80% of respondents want more control over their identity on the Internet and 67% of respondents believe they should own the things they make online.
One-third of respondents cited the complexity of Web3 technology as a key barrier to entering the crypto ecosystem. Consensys views these expectations of internet users as indicative of a fundamental shift in the desired relationship between users and the platforms and services they access. These findings highlight the need to simplify crypto users’ access to self-custodial services.
