Uniswap Labs teams up with Robinhood and payment platforms MoonPay and Transak

Starting Feb. 27, users in over 180 countries can sell supported crypto assets and deposit funds directly into their bank accounts

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.

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 further action. Uniswap received a Wells notice from the SEC in April 2024 when the agency was still headed by former Chair Gary Gensler. But on Feb. 25, the regulator confirmed that it would not be initiating any legal proceedings against the company.

“This is a huge win for DeFi,” Uniswap Labs stated.

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

Uniswap is the leading decentralized exchange (DEX) in terms of daily trading volumes, holding a 22.5% market share. In their response to the Wells notice, Uniswap Labs maintained that their protocol does not fall under the current definition of an exchange and is not subject to SEC regulation. The company explained that although it created the protocol, it is now a “passive” technology used for cryptocurrency trading.

Uniswap’s clearance follows a pattern of recent developments, as last week, Coinbase, Robinhood Crypto, and OpenSea also disclosed that the SEC had closed its probes into their activities.

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

Uniswap launched its long-awaited v4 platform in late January, bringing improvements in 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.