Decentralized exchange (DEX) Uniswap has announced a major partnership with trading platform Robinhood and payment providers MoonPay and Transak to simplify crypto-to-fiat transactions for users worldwide.
Starting February 27, Uniswap users in over 180 countries can seamlessly convert supported cryptocurrencies into fiat and deposit funds directly into their bank accounts. This new offramping service is available on the Uniswap wallet for both Android and iOS, with plans to extend support to the Uniswap web app and browser extension soon.
Uniswap emphasized that transitioning between crypto and cash has historically been cumbersome, requiring users to interact with centralized exchanges and manage complex crypto addresses. The new integration eliminates these challenges, allowing users to complete transactions in just a few clicks.
Regulatory Win Boosts Confidence in DeFi
The announcement follows a significant legal victory for Uniswap Labs. On February 25, the U.S. Securities and Exchange Commission (SEC) officially dropped its investigation into Uniswap, opting not to pursue enforcement action against the firm. Uniswap Labs, which received a Wells notice from the SEC in April 2023, hailed the decision as a major win for the decentralized finance (DeFi) sector.
Robinhood also saw a positive regulatory outcome this week, as the SEC dropped its probe into the company’s cryptocurrency division after initially threatening legal action earlier in 2024.
Uniswap’s Market Standing and UNI Token Reaction
Uniswap remains the world’s leading DEX, with a total value locked (TVL) of $4.2 billion, according to DeFiLlama. However, the TVL has declined by 30% since the beginning of the year amid a broader crypto market downturn. The figure is also down significantly from its peak of $10 billion in 2021.
Despite the strategic partnership and regulatory clarity, Uniswap’s native token, UNI, failed to rally. UNI dropped by 5.4% on the day of the announcement, trading at $7.60 amid wider market declines.
Also Read: Uniswap Adds Fiat Off-Ramp for Easy Crypto-to-Bank Transfers
With Uniswap’s recently launched v4 platform and growing regulatory acceptance, the latest partnership could help further cement its role in the evolving crypto ecosystem.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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