Key takeaways:
- Popular trading app Robinhood has listed UNI, the native token of the Uniswap decentralized exchange (DEX)
- The price of UNI increased over 15% after the news broke and hit a two-month high of $7.19
- The listing of UNI follows a series of crypto-centric moves made by Robinhood in recent months
UNI joins Robinhood’s growing selection of crypto assets
Trading platform Robinhood announced the listing of a new cryptocurrency on Thursday. Users of the popular trading app can now trade Uniswap’s native governance and utility UNI token. The Robinhood team shared the news via Twitter.
UNI can be used to participate in the governance process and for fee payments on Uniswap, one of the largest decentralized trading protocols. Uniswap employs the automated market maker (AMM) model, which essentially allows traders to tap into liquidity pools to trade without a centralized intermediary. According to data curated by CoinGecko, the decentralized exchange (DEX) facilitated $1.16 billion in trading volume over the past 24h hours across its v3, v2, and Polygon versions.
The addition of UNI saw the total number of supported digital currencies on Robinhood swell to thirteen. The selection of coins available for trading on the app includes exclusively large market cap assets such as Bitcoin, Ethereum, Dogecoin, and Solana, to name a few.
The price of UNI increased from roughly $6 to above $7 after the listing announcement and hit a two-month high.
Robinhood keeps expanding its crypto offering
Over the past couple of months, Robinhood has unveiled a number of new features tailored for cryptocurrency users. In May, the company launched a non-fungible token (NFT) and decentralized finance (DeFi) oriented blockchain wallet to streamline the Web3 experience.
Earlier this month, the company launched zero-fee cryptocurrency transfers, allowing users to send and receive Bitcoin and other supported currencies directly from the app.
On top of crypto-centric features, Robinhood added support for Solana, Polygon, and Compound in April. At the same time, the exchange listed popular memecoin Shiba Inu, after the Change.org petition to list SHIB surpassed 500,000 users.
The development on the crypto front has reportedly piqued the interest of the FTX crypto exchange. According to a recent Bloomberg report, FTX has internally been having discussions about a potential acquisition of Robinhood. The report’s credibility is bolstered by the fact that FTX CEO Sam Bankman Fried bought a 7.6% stake in Robinhood in May for over $600 million.
