Blockchain software company ConsenSys and investment platform Robinhood today announced the integration of Robinhood Connect with MetaMask, allowing users of the popular trading platform greater access to cryptocurrencies.
Linking up the leading self-custodial Web3 wallet with Robinhood Connect, a crypto-trading feature launched last year, means that “as a MetaMask user, you’ll be able to use the Robinhood platform to load your wallet with crypto,” Lorenzo Santos, senior product manager at Consensys, told Fortune.
Customers now can use MetaMask’s Buy Crypto aggregator to make in-app purchases via Robinhood’s order engine, automatically connecting those transactions to their digital wallets.
“It’s our mission to reduce friction wherever possible to increase adoption of Web3,” Seong Lee, Robinhood Crypto’s head of product, said in a statement.
Added Santos: “This is the first step in the journey.”
And that journey starts in the MetaMask app. Whether it’s USDC, Ethereum, or Bitcoin, whichever digital asset a user wants to buy, they’ll see a quote from Robinhood. After clicking the link, they’ll be taken into the Robinhood interface, where “we’ll set everything up for you,” Santos explained. Once the purchase is complete, the crypto will appear instantly in the user’s MetaMask wallet for on-chain use.
Launched in 2014, ConsenSys is an Ethereum blockchain firm whose products help developers, enterprises, and users build Web3 applications. It doubled its valuation to over $7 billion in 2022. And with over $89 billion assets under management last year, Robinhood, once considered something of a casino for get-rich-quick coins, has since evolved to resemble more of a mainstream brokerage.
All of that, Santos said, hopefully should make investing in crypto feel a “little bit more friendly and trustworthy” for new customers. “Having a brand like Robinhood establishes that. It’s a publicly traded company that has proven itself.”
The integration, Santos added, basically means that the approximately 10 million customers who “already trust Robinhood with their credit cards and bank accounts” now have a seamless route to buy and sell crypto. It’s also possible existing MetaMask users may turn to Robinhood for trading. “New users who haven’t interacted with Robinhood yet will see the pricing, and the recognized logo, and say, ‘Let me give it a try.’”