Why Uniswap (UNI) Cryptocurrency Is Up Over 20%, And What UK Bank Has To Do With It
Uniswap's (CRYPTO: UNI) price increased by over 20% as a United Kingdom challenger bank decided to offer exposure to it to its customers.
What Happened: The price movement follows an April 8 announcement by bank Revolut that it will offer exposure to the token to all of its customers.
Since the day of the announcement, Uniswap is up by over 15%.
Revolut is a mobile bank with no physical branches based out of the United Kingdom that is present in the European Union, Canada, Japan and Australia, and the United States.
According to a report published in late March, Revolut had 12 million users as of June 2020, and 1.1 million of them were using the banking app daily.
What Else: This news is only part of the reason why Uniswap's price keeps increasing. Uniswap is a decentralized finance (DeFi) protocol that allows its users to exchange numerous Ethereum (CRYPTO: ETH) tokens without going through a centralized crypto asset exchange.
As of press time, data from DeFi data platform DeFiPulse shows that $5.59 billion worth of crypto assets are locked on the platform to provide liquidity for on-chain exchanges.
Just 90 days ago, the protocol only hosted $2.65 billion worth of tokens, making the service's pace of growth astonishing.
Given that Uniswap is a protocol hosted on the Ethereum blockchain, its price is highly correlated to Ethereum's.
Earlier today, Ether's price reached an all-time high of $2.191 ahead of its mainnet Berlin protocol upgrade scheduled for April 14.
All of this positive price action would not take place if it weren't for Bitcoin (CRYPTO: BTC) wasn't moving up as well, causing a bullish sentiment to arise in the entire crypto market.
As Benzinga reported yesterday, Bitcoin has crossed the $60,000 mark again, as experts point to a supply shortage.
Image: Courtesy of Uniswap
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