Uniswap partners with Robinhood, MoonPay, Transak to turn crypto into cash

Decentralized exchange Uniswap has entered into a partnership with trading platform Robinhood and a number of payment platforms to facilitate crypto-to-fiat transactions.

Starting on Feb. 27, users in more than 180 countries can sell supported crypto assets to deposit funds directly into their bank account through Robinhood, MoonPay and Transak, Uniswap announced. 

It added that the fiat onramping and offramping was live in the Uniswap wallet on both Android and Apple iOS and would be coming to the Uniswap extension and the web app soon.

Moving between crypto and cash has “historically been frustrating,” Uniswap stated, because users need to sign into centralized exchanges and deal with crypto addresses. However, it can be done with “just a few clicks” using the DEX wallet, it added. 

Source: Uniswap 

The move comes a few days after the US Securities and Exchange Commission dropped its investigation into Uniswap Labs. 

On Feb. 25, the SEC stated that it had concluded its investigation and had no plans to pursue enforcement action against the firm. Uniswap received a Wells notice from the SEC in April during Gary Gensler’s tenure. “This is a huge win for DeFi,” said Uniswap Labs. 

The securities regulator also dropped its probe into Robinhood’s crypto division this week after threatening to take legal action against the firm in 2024. 

Related: MetaMask adds fiat off-ramp for 10 blockchains to improve crypto accessibility

Uniswap is the world’s largest DEX, with $4.2 billion in total value locked, according to DefiLlama. However, TVL has tanked by 30% since the beginning of this year with the broader crypto market retreat. It is also down from the all-time high of $10 billion in 2021. 

Uniswap launched its long-awaited v4 platform with improved user experience and developer options on 12 chains in late January. 

There was no positive reaction for Uniswap’s native token, UNI (UNI), which slumped 5.4% on the day and fell to $7.60 at the time of writing amid a broader market drop.

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