Uniswap (UNI) Jumps More Than 15% on News of Robinhood Listing

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Uniswap (UNI) is the latest among the list of cryptocurrencies that Robinhood has been offering support over the last few months.

On Thursday, July 13, Popular zero-commission app Robinhood announced listing UNI, the native token of Ethereum-based decentralized exchange Uniswap. Robinhood made the official announcement through its Twitter handle.

Soon after the announcement, UNI price surged by 15% shooting past $7. As of press time, UNI is trading 13.5% up at a price of $7.00 and a market cap of $5.1 billion. With this, Uniswap (UNI) joins the list of other popular cryptocurrencies traded on Robinhood.

Over the last few months, Robinhood has been adding new cryptocurrencies to the platform. Last month, Robinhood listed oracle service provider Chainlink (LINK) on the platform. Earlier in April 2022, Robinhood listed Polygon (MATIC), Solana (SOL), and Compound (COMP) along with meme cryptocurrency Shiba Inu.

Earlier this month, Robinhood announced that it has introduced fresh new features for trading crypto on the platform. Thus, users can send as well as receive all cryptocurrencies on the platform. Steve Quirk, Chief Brokerage Officer at Robinhood said:

“We’re excited to add more choices for our customers as we work to make Robinhood the best place to invest in crypto. As a safety-first company, we have a rigorous framework in place to help us evaluate assets for listing, and we remain committed to providing a safe and educational crypto platform”.

Robinhood’s Crypto Bets

Robinhood introduced zero-fee crypto trading back in 2018 and has allowed trading Bitcoin (BTC) and Ethereum (ETH) from the very start. Later, the platform started adding several other digital assets including meme coins like SHIB and DOGE. More or less, Robinhood has held a conservative approach when it comes to listing new cryptocurrencies on the platform.

Besides, other market players have jumped in giving strong competition to Robinhood. The world’s largest crypto trading platform Binance recently announced zero fees for all BTC trades on the platform. “There is no better time to introduce zero fees than now. We are taking a bold move and providing more value to our customers at a time when the community needs it most,” said Binance.

But Robinhood has been smartly focusing on other areas of the crypto market as well! Delving into Web 3 and the decentralized finance (DeFi) markets, Robinhood unveiled a Web3-Influenced DeFi Wallet for cryptocurrencies. Robinhood co-founder and chief executive officer Vlad Tenev stated:

“DeFi has the potential to be the operating system that powers the future of financial services, and we want to help people experience the full range of possibilities that these revolutionary technologies have to offer.”

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.