Robinhood grows self-custody wallet integrations with MetaMask partnership

The partnership comes as MetaMask continues its multichain march and Robinhood prepares to announce earnings

February 6, 2024 10:00 am

Robinhood CEO Vlad Tenev | Permissionless I by Blockworks

Robinhood Connect, the wallet on-ramp launched by the investing and trading platform, has integrated with the self-custodial wallet app MetaMask.

Consensys, the company behind MetaMask, and Robinhood announced the partnership Tuesday morning.

MetaMask wallet users will be able to purchase crypto through the financial services company’s order engine. Robinhood Connect launched in April 2023, allowing users to buy crypto via Robinhood outside of their Crypto accounts.

The marriage is an unwieldy one at first blush: Robinhood’s Web3 wallet began allowing in-app swaps on the Ethereum network, typically MetaMask’s turf, in August of last year.

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But Lorenzo Santos, senior product manager at Consensys, called the partnership a “win-win-win” in an interview with Blockworks.

The two gain exposure to each other’s users while users gain an easier integration between the apps and increased price competition in the trading market, he added.

And despite its new self-custody wallet offering, MetaMask doesn’t view Robinhood as trying to capture the same market segment.

MetaMask hinted at its future aspirations with the release of Snaps in September. Snaps allows MetaMask’s wallet to connect to non-Ethereum blockchains, send notifications, and provide encrypted storage, among other things.

Robinhood Connect previously teamed up with a slate of wallets, including Phantom — a popular Solana wallet — in August.

This newest partnership may hint at a continued commitment to crypto from Robinhood, despite its tricky relationship with the asset class lately.

The platform’s crypto trading revenue fell by 55% in Q3 of last year. Robinhood is expected to announce its Q4 earnings after market close on Feb. 13.

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