Robinhood Partners With Uniswap to Simplify Crypto Purchases for US Users

On April 30, the popular millennial trading platform Robinhood announced that its crypto Connect feature was now available on the Uniswap mobile application.

It added that eligible Robinhood customers can get $10 in the USD Coin (USDC) stablecoin as a reward when they buy the equivalent amount of crypto using Robinhood Connect as a payment method on the Uniswap wallet.

Robinhood Connect is now available on @Uniswap wallet!

Limited time offer: Eligible Robinhood customers can get $10 of USDC as a reward when you buy $10 of crypto using Robinhood Connect as a payment method on Uniswap wallet. Terms apply. https://t.co/G4DYYnoNfE

— Robinhood (@RobinhoodApp) April 30, 2024

US Customers Only

Robinhood Connect is a feature launched in April 2023 that allows users to fund Web3 wallets from their Robinhood crypto accounts without leaving the dapps. However, it is only available to customers in the United States which means the Uniswap integration will be geo-targeted also.

The Uniswap mobile app is a self-custody DeFi wallet available on Android and iOS that was launched in April 2023.

“Robinhood Connect is the latest addition to the Uniswap mobile app’s selection of fiat onramp providers,” stated the announcement .

Other fiat on-ramp providers already integrated into the Uniswap app include Coinbase Pay and Moonpay.

The app enables users to store, monitor, and access tokens on multiple chains without needing to change or configure networks. According to the Google Play Store, it has been downloaded more than 100,000 times. However, some recent reviews have included complaints about high transaction fees.

Nevertheless, the decentralized exchange has captured 37% of the Ethereum layer-2 volume, as reported by CryptoPotato this week.

In late April, Robinhood partnered 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 New York users in late April.

Nevertheless, company shares (HOOD) fell almost 5% on April 30 to reach $16.48 in after-hours trading. Robinhood stock has been downtrending since the end of March when it topped $20 having lost 18% since then.

UNI Price Outlook

Uniswap’s native token, UNI, is in a similar position, having fallen 56% from its 2024 high of just over $16.

The DeFi asset is currently trading at $6.5 after a 9% slide on the day as crypto markets continue to correct.

UNI has almost wiped out all gains in this year’s altcoin rally and remains down 84% from its May 2021 all-time high of $44.91.