Consensys Partners with Robinhood Markets to Offer Self-Custody Web Wallet to Cryptocurrency Traders – The Armchair Trader

Consensys, a pioneering software firm specializing in blockchain and web3 applications, together with Robinhood Markets, Inc [NASDAQ:HOOD], has recently initiated the roll-out of Robinhood Connect feature for MetaMask, a leading self-custodial web3 wallet. Thanks to the new feature in MetaMask allowing users to Buy Crypto, patrons have the opportunity to acquire cryptocurrency through Robinhood’s competitively priced order processing system.

The introduction of this service marks a significant step in MetaMask’s mission to propel the spread of web3 technologies by offering an effortless, safe, and self-custodial route for a larger segment of users.

Self-custodial solutions such as MetaMask afford cryptocurrency enthusiasts autonomy over their virtual currencies. The collaboration of two prominent entities in the realms of web3 and fintech facilitates Robinhood customers to utilize Robinhood Connect, linking them directly to MetaMask’s Buy Crypto service – an avenue designed for customers to straightforwardly acquire crypto from a variety of providers.

“The synergy created by the MetaMask and Robinhood partnership marks a significant advance in our collective objective to alleviate obstacles for those in pursuit of self-custodial solutions,” expressed Lorenzo Santos, Senior Product Manager at Consensys. “Recognizing the growing desire for increased control and proprietorship, this integration paves the way for a more intuitive and autonomous experience in acquiring crypto, while leveraging reliable services that users have grown to trust.”

Robinhood Connect has been tailored to enable a fluid journey for Robinhood’s clientele to funnel funds into their self-custodial wallets, using their debit cards, bank transfers, or Robinhood’s own purchasing power, thus providing the means to promptly engage with their cryptocurrencies.

A global survey undertaken in 2023 by Consensys, gathering insights from beyond 15,000 individuals, disclosed a remarkable trend among internet users toward proactive engagement, empowerment, and a desire for collective ownership stakes. A commanding 79% of participants expressed a wish for enhanced control over their online identities, while 67% stood by the notion of claiming ownership over their virtual creations.

Despite this, a third of those surveyed highlighted the intricacy of web3 technologies as a significant hurdle to entering the world of cryptocurrencies. In response to these user inclinations, Consensys is shifting focus to demystify and make self-custodial services more accessible, responding to a deep-seated movement among users to revolutionize how they interact with digital platforms and the services provided.