On April 30, Robinhood, a popular trading platform among millennials, announced that its Crypto Connect feature is now available on the Uniswap mobile application.
It added that eligible Robinhood customers will earn $10 in USD Coin (USDC) stablecoin rewards when they purchase the same amount of cryptocurrency using Robinhood Connect as a payment method in their Uniswap wallet.
US customers only
Robinhood Connect is a feature launched in April 2023 that allows users to deposit funds from their Robinhood cryptocurrency account to their Web3 wallet without leaving their dapps. However, this is only available to customers in the US, so the Uniswap integration will also be geo-targeted.
The Uniswap mobile app is a self-custodial DeFi wallet released in April 2023 and available for Android and iOS.
“Robinhood Connect is the latest addition to the Uniswap mobile app’s selection of statutory on-ramp providers,” the announcement states.
Other fiat onramp providers already integrated into the Uniswap app include Coinbase Pay and Moonpay.
This app allows users to store, monitor, and access tokens on multiple chains without changing or configuring the network. According to Google Play Store, it has been downloaded over 100,000 times. However, some recent reviews include complaints about high transaction fees.
Despite this, decentralized exchanges reportedly captured 37% of Ethereum’s Layer 2 volume. crypto potato this week.
Late April, Robinhood partnered It works with Ethereum Layer 2 network Polygon to collaborate on cross-chain swaps on the platform. The trading platform also listed the Shiba Inu (SHIB) meme coin for users in New York in late April.
Nevertheless, the company's stock (HOOD) fell approximately 5% in after-hours trading on April 30, reaching $16.48. Robinhood stock has been on a downward trend since the end of March, when it topped $20, and has fallen 18% since then.
UNI price outlook
Uniswap’s native token, UNI, is in a similar situation, having fallen 56% from its 2024 high of just over $16.
The DeFi asset is currently trading at $6.50 after falling 9% on the day as the cryptocurrency market continues to correct.
UNI has largely erased the gains from this year’s altcoin rally and remains down 84% from its all-time high of $44.91 in May 2021.
