The world’s largest decentralized exchange Uniswap partnered with Robinhood and payment platforms MoonPay and Transak to make crypto-to-fiat transactions easier. Users across more than 180 countries can now sell supported crypto assets through the platform to receive direct bank deposits starting from Feb. 27.
The Uniswap wallet now supports the new feature on Android and iOS platforms, while the Uniswap extension and web app integration will become available soon.
Uniswap declared that users find it difficult to transfer funds between crypto and cash because they must deal with centralized exchange authentication requirements and crypto wallet identification systems.
The DEX wallet provides users with an easy interface to perform conversions through multiple simple actions. The partnership emerges after Uniswap secured a significant regulatory victory.
Uniswap Labs received favorable news from the U.S. Securities and Exchange Commission (SEC) on Feb. 25 when it announced it would take no enforcement action against the company.
Uniswap received a Wells notice from the SEC in April 2022 during the leadership of Gary Gensler as SEC Chair. The crypto division of Robinhood escaped regulatory scrutiny when the regulator terminated its investigation this week.
The crypto market downturn caused Uniswap’s native token UNI to decrease by 9.65% to reach $7.25 despite its positive news. The DEX maintains $4.2 billion worth of total value locked (TVL), but its value has decreased by 30% since reaching $10 billion in 2021.
Uniswap released its v4 platform in late January, which brought enhanced user experience and developer tools across 12 different blockchain networks. Uniswap has introduced new features to establish crypto transactions that match the simplicity of standard banking systems.
Also Read: SEC Closes Uniswap Probe After Four Years Without Disciplinary Action
