Uniswap Adds Robinhood Connect for Crypto Purchases

Uniswap adds Robinhood Connect to enable crypto purchases on mobile app via debit cards or bank transfers.

The integration with Robinhood Connect enabled users in the United States to purchase cryptocurrencies using funds from their Robinhood accounts, debit cards, or bank transactions, as stated in a recent announcement by the decentralized exchange Uniswap.

A special promotion would award $10 in USDC to first-time Robinhood Connect customers who acquire at least $10 worth of cryptocurrency through the Uniswap app. This offer is intended to extend a warm welcome to all new consumers of the platform.

Users must tap the buy icon before purchasing cryptocurrency via the Uniswap mobile app’s Robinhood Connect. Then, they select the cryptocurrency and input the desired purchase amount. 

Upon clicking “Continue,” users will be prompted to select a provider from a region-specific selection; however, Robinhood Connect is only accessible within the United States. 

To finalize the purchase, users must select Robinhood Connect as their provider. 

The trading fee at Uniswap Labs has been increased to 0.25%. 

Additionally, Uniswap Labs increased its transaction fees from 0.15% to 0.25%. This increase applied to most mainnet and Layer 2 network transactions, except for stablecoin exchanges and transactions between Ethereum and Wrapped Ethereum.

Users could complete transactions via alternative interfaces to the Uniswap protocol to circumvent the increased fees. 

In the interim, Uniswap encountered increased regulatory scrutiny. Hayden Adams, the organization’s progenitor, declared the acquisition of a Wells Notice from the SEC, which hypothesized potential legal ramifications for conducting business as an unlicensed exchange. 

Adams elaborated that Uniswap Labs functions predominantly as a software development firm and is heavily involved in continuously advancing the Uniswap protocol. 

The community voted against a governance proposal in March 2024 that sought to modify the platform’s fee structure. The proposed amendment had the potential to facilitate revenue sharing among holders of UNI tokens. 

The proposal’s objective was to grant the decentralized autonomous organization (DAO) the ability to modify the fee mechanism, thus enabling the forthcoming implementation of the “fee-switch” function.