Uniswap, a leading decentralized exchange, has entered into a strategic partnership with the popular trading platform Robinhood to streamline cryptocurrency transactions.
In an announcement made by Robinhood, the company unveiled the integration of its Crypto Connect feature into the Uniswap mobile app. This collaboration allows eligible Robinhood users to seamlessly use Robinhood Connect as a payment method in their Uniswap wallet, making it easier to buy and sell cryptocurrencies.
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As part of this initiative, users who use Robinhood Connect on the Uniswap platform will be rewarded with $10 in USD Coin (USDC) when they purchase an equivalent amount of cryptocurrency.
It is important to note that Robinhood Connect, which was introduced in April 2023, allows users to fund Web3 wallets directly from their Robinhood crypto accounts, increasing accessibility and convenience. However, the feature is currently only available to clients in the United States, as reported by CryptoPotato.
The Uniswap mobile app is a self-custody DeFi wallet available on Android and iOS platforms. Uniswap was launched in April 2023, further expanding the availability of decentralized financial solutions to users around the world.
"Robinhood Connect is the latest addition to the selection of fiat providers on the Uniswap mobile app," the message said.
Other fiat providers already integrated into the Uniswap app include Coinbase Pay and Moonpay.
Uniswap allows users to store, track, and access tokens from multiple chains without having to switch or customize networks. The app is very popular and has been downloaded over 100,000 times.
Users have noted high transaction fees, but Uniswap DEX captures 37% of Ethereum L2 volume. However, despite its continued success, Uniswap is facing regulatory pressure from the US Securities and Exchange Commission (SEC) as part of a broader regulatory crackdown on the cryptocurrency market.
The SEC has sent Uniswap a Wells Notice, which indicates possible enforcement action. In doing so, Uniswap intends to defend itself against what it calls a "disappointing but unsurprising" decision.
As a reminder, in late April, Robinhood partnered with Ethereum Polygon's Level 2 network (MATIC) to work with the platform on cross-chain swaps. In late April, the trading platform also launched the Shiba Inu (SHIB) meme coin listing for users.
It's worth noting that Robinhood (HOOD) shares fell nearly 5% on April 30, dropping to $16.48 in over-the-counter trading. The stock has been on a downward trajectory since late March, when it peaked above $20, and has lost 18% since then.
Uniswap's token, UNI, is also on the decline, down 56% from its 2024 high near $16. UNI is trading at $6.5, down 9% from the previous day amid the ongoing correction in the cryptocurrency markets.
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