Uniswap has partnered with Robinhood and other platforms to simplify the exchange of cryptocurrencies for fiat money.
New Opportunities for Users
Uniswap announced a partnership with the trading platform Robinhood and several payment systems to facilitate the exchange of cryptocurrencies for fiat money. Starting on February 27, users in more than 180 countries can sell supported cryptocurrencies and directly transfer funds to their bank accounts via Robinhood, MoonPay, and Transak. This feature is available in Uniswap's mobile apps on Android and iOS, and it will soon be available in the Uniswap extension and web app.
SEC Investigation Closure
A few days earlier, the U.S. Securities and Exchange Commission (SEC) ended its investigation into Uniswap Labs, stating that it does not plan to take any action against the company. The announcement was made on February 25, following a Wells notice issued in April during Gary Gensler's tenure. Uniswap Labs commented on this as 'a huge win for DeFi.' A similar decision was taken concerning Robinhood's crypto division after threats of legal action in 2024.
Current State of DEX Market
Uniswap is the world's largest decentralized exchange (DEX) with a total value locked (TVL) of $4.2 billion, according to DefiLlama. However, since the beginning of the year, the TVL has dropped by 30%, and it is significantly below the all-time high of $10 billion reached in 2021. At the end of January, Uniswap launched its updated v4 platform, offering an improved user interface and developer options on 12 blockchains. Nonetheless, the UNI token fell by 5.4% and reached $7.60 amid a broader market decline.
Uniswap's partnership with Robinhood and other platforms opens new opportunities for users worldwide, simplifying the process of exchanging cryptocurrencies for fiat money and reinforcing Uniswap's position as a leading decentralized exchange.
