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Self-custodial Web3 wallet MetaMask will now let users buy crypto through the Robinhood trading platform, according to an announcement today, 6 February, by MetaMask developer and blockchain company Consensys.
A self-custodial crypto wallet is a digital wallet that allows you to maintain entire control of your crypto and digital assets.
Robinhood customers can now use Robinhood Connect to purchase crypto through MetaMask’s ‘Buy Crypto’ aggregator, making it easier and cheaper to dive into the world of Web3.
This is part of MetaMask’s mission to bring more people into the crypto space by offering a smoother way to own and manage their digital assets. MetaMask currently has more than 30 millions users worldwide.
Buy Crypto feature
Through this new on-ramp, MetaMaskers can buy digital assets using Robinhood, while Robinhood users can move crypto to their MetaMask wallet.
Lorenzo Santos, senior product manager at Consensys, said: “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.
“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.”
Seong Lee, head of product at Robinhood Crypto, added: “At Robinhood it’s our mission to reduce friction wherever possible to increase adoption of web3.
“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.”
Web3 barriers
Today’s announcement added the factoid that a 2023 global survey by Consensys of more than 15,000 people found a third of respondents cited the complexity of Web3 technology as a barrier to getting started in the crypto market.
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