On April 30th, Robinhood announced that its cryptocurrency Connect feature is now available on the Uniswap mobile application. Eligible Robinhood customers using Robinhood Connect as a payment method to purchase an equivalent amount of cryptocurrency on the Uniswap wallet will receive a $10 USD Coin (USDC) stablecoin reward.
However, it's worth noting that Robinhood Connect is only available to US customers, which means the Uniswap integration will also be geographically limited.
The Uniswap mobile application is a self-custody DeFi wallet that was launched in April 2023 for Android and iOS users. It allows users to store, monitor, and access tokens on multiple chains without having to change or configure networks. The app has been downloaded over 100,000 times but has faced some recent complaints about high transaction fees.
Despite this, the decentralized exchange has captured 37% of the Ethereum Layer 2 trading volume, according to B4Bit. Additionally, Robinhood recently collaborated with the Ethereum Layer 2 network Polygon for cross-chain exchanges and listed the meme coin Shiba Inu (SHIB) for New York users in late April.
On the stock market side, Robinhood's stock price (HOOD) fell nearly 5% in after-hours trading on April 30th to $16.48. The stock has been on a downward trend since breaking $20 at the end of March, dropping by 18% since then.
In terms of UNI price outlook, the native token of Uniswap, UNI, has also experienced a similar decline, dropping 56% from its high of slightly over $16 in 2024. With ongoing adjustments in the cryptocurrency market, the DeFi asset UNI is currently trading at $6.5, down 9% for the day. UNI has almost erased all of its gains from the altcoin rebound earlier this year and remains 84% lower than its all-time high of $44.91 in May 2021.
