Robinhood has facilitated a partnership with MetaMask to allow customers to purchase cryptocurrencies such as Shiba Inu (SHIB) easily with MetaMask’s Buy Crypto feature.
Consensys, the prominent blockchain firm behind the development of MetaMask, announced the partnership in a recent press release. MetaMask amplified the move with a subsequent disclosure on X.
Hello @RobinhoodApp customers ?! We’re happy to announce that US users will now be able to buy and transfer crypto on MetaMask with Robinhood Connect.
Click below to read more about the integration: https://t.co/A5FoL9EBrq
— MetaMask ?? (@MetaMask) February 6, 2024
According to MetaMask’s disclosure, the integration with Robinhood is already live on the dApp tool MetaMask Portfolio, the MetaMask web browser extension, and also on the MetaMask mobile app. However, the integration is only available to U.S. residents.
Robinhood Connect and MetaMask Buy Crypto
Notably, Robinhood offers a functionality known as Robinhood Connect. It allows customers to buy and transfer crypto assets to self-custody wallets seamlessly. The feature facilitates swift transactions with minimal fees, utilizing payment methods such as debit cards and bank accounts.
According to the recent press release from Consensys, the latest partnership between the leading U.S. trading platform and MetaMask will give users the opportunity to leverage the Robinhood Connect engine through MetaMask’s Buy Crypto feature.
For context, the Buy Crypto feature from MetaMask simplifies the process of procuring various cryptocurrencies such as Shiba Inu. It does this by enabling users to make direct purchases with the MetaMask wallet using fiat currency.
The collaboration facilitates the combination of Robinhood’s Connect and MetaMask’s Buy Crypto to give customers a good avenue to purchase crypto assets like SHIB directly to their self-custody wallets. Consensys touts it as an effort toward reducing the friction that comes with crypto adoption.
The Need for Seamless Onboarding
In the press release, the team at Consensys cited a global survey last year, which revealed that the 15,000 survey participants demonstrated a greater desire toward community participation. Data confirmed that about 79% of the 15,000 individuals sought personal control over their identity online.
Blockchain-based protocols provide a solution to this growing need. However, the survey found that most respondents had not adopted Web3 solutions because of the intricacies and complications that come from onboarding.
According to Consensys, this trend underscores a need to make the use of blockchain-based protocols, especially crypto self-custodial solutions, easy to use for beginners. The recent partnership with Robinhood will help facilitate an easy way for new users to purchase assets like Shiba Inu.
Despite being a traditional trading platform, Robinhood has continued to support the crypto scene amid growing adoption. Robinhood listed Shiba Inu in April 2022 and has since seen heightened demand, resulting in SHIB being the third largest crypto asset it holds.
Besides Robinhood, other crypto protocols have facilitated multiple avenues to help newcomers seamlessly purchase assets like Shiba Inu. BitPay partnered with Ramp Network last April to enable users to buy SHIB easily. DODO, a DEX aggregator, also made a similar move earlier that month.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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