Crypto Updates

“Reduces Friction” for Web3 Users

Robinhood Cuts its Workforce by 23% due to 'deterioration of the macro environment'

Robinhood Markets (Nasdaq: HOOD) announced yesterday (Tuesday) the integration of Robinhood Connect with MetaMask, the self-custodial web3 wallet owned by Consensys. According to the company, the integration will “reduce friction for users seeking access to a self-custodial option.”

Robinhood launched Robinhood Connect in April 2023, allowing its customers to fund Web3 wallets without the need to leave the dApps or be in their Robinhood Crypto accounts. Now, the latest integration will allow Robinhood customers to use Robinhood Connect to purchase crypto through MetaMask’s Buy Crypto aggregator.

“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,” Consensys’ Senior Product Manager, Lorenzo Santos, said.

“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.”

Robinhood’s Crypto Bet

Robinhood is known for offering commission-free stock brokerage services to retail traders in the United States. The company also jumped into crypto early and dominated the industry by offering trendy tokens not listed by other top US-based crypto exchanges.

The American brokerage is expanding its geographical reach and has already launched crypto trading services in the European Union with a Lithuania-licensed entity. Robinhood is further aiming to launch brokerage services in the United Kingdom. However, it is unclear whether it would offer crypto trading on the island across the English channel.

“At Robinhood, it’s our mission to reduce friction wherever possible to increase adoption of web3,” said Seong Lee, Head of Product at Robinhood Crypto. “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…

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