Uniswap Taps Robinhood, MoonPay For Crypto-to-fiat Transactions

Decentralized exchange Uniswap has teamed up with Robinhood and payment platforms MoonPay and Transak to make crypto-to-fiat transactions smoother for users worldwide.

Starting Feb. 27, users in over 180 countries can sell supported crypto assets and deposit funds directly into their bank accounts via Robinhood, MoonPay, and Transak, Uniswap announced. The feature is already available in the Uniswap wallet on both Android and iOS, with plans to roll out on the Uniswap web app and extension soon.

Uniswap highlighted that converting crypto to cash has traditionally been a hassle, requiring users to log into centralized exchanges and manage crypto addresses. With the new integration, the process can be completed in just a few clicks.

SEC drops Uniswap and Robinhood probes

The announcement follows a recent win for Uniswap, as the U.S. Securities and Exchange Commission (SEC) closed its investigation into Uniswap Labs without pursuing enforcement action. Uniswap received a Wells notice from the SEC in April 2024 when the agency was under former Chair Gary Gensler, but on Feb. 25, the regulator confirmed it had dropped the probe. “This is a huge win for DeFi,” Uniswap Labs stated.

A comparable subpoena was sent to Uniswap’s competitor, SushiSwap amid increased regulatory attention on decentralized trading platforms.

Uniswap stands as the leading decentralized exchange (DEX) when it comes to daily trading volumes, holding 22.5% market share. In their response to the Wells notice, Uniswap Labs contended that their protocol does not qualify as an exchange under current definitions and is not subject to SEC regulation. The company stated that although it created the protocol, it is now a “passive” technology used for cryptocurrency trading.

Uniswap’s clearance follows similar developments last week, when Coinbase, Robinhood Crypto, and OpenSea also disclosed that the SEC had closed investigations against them.

Despite the positive news, Uniswap’s total value locked (TVL) stands at $4.2 billion, down 30% since the start of the year, reflecting a broader market decline. The DEX had reached an all-time high TVL of $10 billion in 2021.

Uniswap launched its long-awaited v4 platform in late January, bringing improved user experience and developer tools across 12 blockchains. However, its native token, UNI, failed to react positively, dropping 5.4% on the day to $7.60 amid overall market weakness.