What Happened: The newly-listed trading platform Robinhood Markets Inc (NASDAQ:HOOD) has reportedly met with the development team behind decentralized exchange Uniswap (CRYPTO: UNI).
According to a report from The Block, Mary-Catherine Lader, chief operating officer at Uniswap Labs, said that Uniswap and Robinhood have held “exploratory conversations.”
Lader’s comments were in reference to statements made by Uniswap Labs Growth Lead Ashleigh Schap at EthCC – an Ethereum (CRYPTO: ETH) conference in Paris last week.
What The Partnership Would Look Like: “One of the cool things that we’ve actually been talking about with them is a way to use Uniswap to automatically settle a trade for example right when it happens with the user,” said Schap during a panel discussion.
She also went on to state that Robinhood was looking to integrate with Uniswap because the firm “needs deeper pools of liquidity” given the fact that traditional market makers are not meeting their ends.
Uniswap Labs COO Mary-Catherine Lader later informed The Block that comments made during the presentation concerning Robinhood were “mistaken” and that Uniswap and Robinhood have no current relationship.
Robinhood declined to comment on the potential integration. The trading app will go public later today with shares priced at $38, valuing the company at $32 billion.
Price Action: At press time, the market-leading cryptocurrency Bitcoin (CRYPTO: BTC) was back above $39,944, gaining 0.96% overnight. During the same period, Uniswap gained 4.26% and was trading at $19.47, while Ethereum was up just 1.57%, trading at $2,317.