Shiba Inu Rallies as Robinhood Partners with MetaMask, Streamlining SHIB Purchases for Millions Of Customers

10.02.2024 / Payment system news

In a significant move aimed at simplifying cryptocurrency transactions for users, Robinhood has integrated with MetaMask, the world’s largest self-custodial web3 wallet.

The collaboration unveiled on Tuesday, February 6, will allow customers to purchase cryptocurrencies seamlessly through Robinhood’s low-cost order engine.

Notably, the integration represents a significant milestone in MetaMask’s continuous endeavour to advance web3 adoption, providing users with seamless, secure, and self-custodial onboarding to the ecosystem. For context, self-custodial solutions like MetaMask empower cryptocurrency users to retain full control over their digital assets.

By merging MetaMask’s self-custodial capabilities with Robinhood’s user-friendly platform, customers can purchase crypto assets through MetaMask’s Buy Crypto feature, simplifying the process across multiple service providers.

Lorenzo Santos, Senior Product Manager at Consensys, the firm behind MetaMask, expressed excitement about the integration, stating, “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.” He further emphasized the importance of giving users greater control and ownership over their digital assets.

Seong Lee, Head of Product at Robinhood Crypto, echoed this sentiment, emphasizing Robinhood’s mission to democratize finance and reduce user friction. Lee highlighted the seamless experience provided by Robinhood Connect, allowing existing customers to fund their self-custody wallets conveniently.

The announcement comes against the backdrop of shifting user preferences in the digital landscape. A 2023 global survey conducted by Consensys revealed a growing desire among internet users for more control over their online identities and possessions, underscoring the critical necessity of streamlining accessibility to self-custodial services.

Meanwhile, the recent collaboration between MetaMask and Robinhood will streamline the process for new users to acquire assets such as Shiba Inu, one of the most actively traded cryptocurrencies on the platform.

Despite being a traditional trading platform, Robinhood has supported the SHIB community since listing the meme coin mid-2022. It’s worth noting that in early January last year, Robinhood began support for SHIB along with other notable cryptocurrencies such as Solana (SOL), Polygon (MATIC), with its Web3 wallet. Notably, in recent months, the exchange has also been accumulating billions of Shiba Inu (SHIB) propelling SHIB to become the third-largest crypto asset it holds.

At press time, SHIB was trading at $0.000009423 reflecting a 7% surge since Tuesday.