Uniswap in Discussion with Fintech Giants to Bring DeFi to the Mainstream
The likes of PayPal, Robinhood, E*Trade, and Stripe were mentioned at the EthCC conference. Robinhood itself is focused on crypto considering new offerings, including new wallet, staking, debit rewards, and a lending product.
Leading decentralized exchange (DEX) by volume Uniswap is having discussions with fintech companies to provide DeFi services to the mainstream.
“We’re trying to put Uniswap and the rest of DeFi right there in those applications so that we can bring the dream of open, 100% uptime liquidity to the whole world,” said Uniswap’s growth lead Ashleigh Schap, in a now-deleted YouTube video from the EthCC conference that was held in Paris last week.
Schap named PayPal, E*Trade, and Stripe that wants to talk to them.
Uniswap founder Hayden Adams took to Twitter to clarify that they are not partnered with these companies but are talking to “a ton of finance/tech companies,” as many companies interested in understanding DeFi are reaching out to them.
As for deleting the video, Adams said it was done so on their request because “we thought (it) could be interpreted to suggest we have relationships that we don't.”
According to the presentation at the EthCC conference, Uniswap is looking to work with intermediaries like Paxos, which powers PayPal’s crypto service, crypto custody firm Paxos, and Talos to build the bridge between DeFi and consumer finance.
As we have seen throughout this year, traditional finance is coming into the crypto market in a herd and as Schapp said at the conference, pitching Uniswap isn’t that hard as it was years ago, as these big firms have now become less resistant to DeFi. However, they have concerns with blockchain technology.
“To stay relevant with their user base is a huge, huge reason that all of these giants are starting to really look closely at working with something like Uniswap.”
The zero-fee trading app has been particularly focused on cryptocurrencies, as revealed by Robinhood during its IPO roadshow over the weekend. This makes sense given that over one-fifth of their revenue comes from crypto, and one-third of that is from Dogecoin (DOGE) alone.
During this recent event, CFO Jason Warnick talked about hiring a new dedicated CFO for its crypto unit and introducing a number of new features, including a new wallet, staking, debit rewards, and a lending product.
“On the spending side there is more we can do with direct deposit and debit cards, particularly giving the opportunity to connect rewards with our brokerage and crypto offerings,” Warnick added, “In crypto, we are making a lot of investments in things we know our customers want, such as wallets, lending, and staking.”