- Uniswap partners with Robinhood, MoonPay, and Transak to simplify crypto-to-fiat transactions worldwide.
- Crypto-to-fiat conversions now take just a few clicks through Uniswap’s wallet on Android and iOS.
- The platform secures legal win as the SEC ends investigation into its operations, boosting DeFi confidence.
Uniswap has partnered with firms like Robinhood, MoonPay as well as Transak to integrate crypto to fiat. Since February 27th, users from 180+ countries will be able to sell certain cryptocurrencies and withdraw their funds to bank accounts. This functionality is now live on the Uniswap wallet for Android and iOS and will be rolled out to the platform extension and web app at a later stage.
Conventionally, the process of converting crypto to fiat currency has been cumbersome and lengthy. Another inconvenience which the users had to face was logging in to the centralized exchanges, managing their crypto addresses and waiting for confirmations. This will be more helpful for platform as to make the process as easy and smooth as possible. In the new system, exchanging between cryptocurrency and cash is a simple process taking a couple of clicks.
Uniswap’s Legal Victory
The announcement comes at a time when there is good news for platform in regard to its services. The US securities regulator, SEC, ended the investigation into Uniswap Labs on the 25th of February. The SEC stressed that it would not take any enforcement action against the firm, which was considered the triumph of decentralized finance (DeFi). Uniswap Labs made the news to cheer by terming the outcome as a big triumph that benefits all parties in DeFi markets.
The platform continues to be the non-centralized exchange market chief boasting of a total value locked (TVL) of $4.2 billion. Nevertheless, its total value locked in its platform has declined by 30% since the start of 2021. This decline is witnessed in the broader crypto market pullback and is lower than the $10 billion recorded in 2021.
Uniswap’s Ongoing Developments
The company also introduced some new features upon the launch of its v4 in late January. Upgrade of the platform provides benefits both to the users and the developers. Currently, it is integrated with 12 blockchains, which enables customers to engage in decentralized trading more conveniently.
However, despite these changes, UNI, declined by 10.60% and trading at $7.24. This is in line with a general decline in the cryptocurrency market in the last couple of weeks.
Uniswap continues to be developing new products and services and has won some legal battles. However, it has not yet been established whether these measures can regain the current trends in a market.
