DEFIFINANCE

Providing DeFi services to institutions like PayPal? Uniswap hastily deletes video, founder clarifies: No collaboration, purely a misunderstanding

share
Providing DeFi services to institutions like PayPal? Uniswap hastily deletes video, founder clarifies: No collaboration, purely a misunderstanding

Last week at the EthCC Ethereum community conference in Paris, the video of Uniswap's speech has been deleted. The reason is that Growth Lead Ashleigh Schap mentioned that they are currently in talks with several well-known fintech companies to bring DeFi to mainstream markets.

"We are closely collaborating with financial applications"

At 1:15 in the video, Ashleigh Schap stated, "We are closely collaborating with consumer financial applications, such as PayPal, E*Trade..." She mentioned that Uniswap is working on integrating DeFi into those financial applications.

She also mentioned in her speech that traditional consumer financial applications will "need" to integrate DeFi in order to survive. However, for traditional consumer financial application providers, it takes a lot of time to understand what blockchain is and they are afraid of on-chain transaction records. On the other hand, KYC requirements are not something necessary for using DeFi protocols. Therefore, they are collaborating on a product that includes more compliance requirements to allow consumer financial applications to enter the world of DeFi.

She also noted that consumer financial applications have different ideas about incorporating cryptocurrencies, with some wanting to provide on-chain transactions directly to users, while PayPal wants to use the stablecoin Paxos to provide services as an intermediary service, offering a more diverse payment option. Overall, Ashleigh Schap stated that among the many companies she has spoken with, most are afraid of conducting on-chain transactions directly, leading her to believe that there is a significant opportunity for intermediary software.

In addition, Ashleigh Schap also discussed how consumer financial application companies are witnessing a generational shift, with their users desiring more autonomy in their investments, which is one of the reasons why they turned to Uniswap. Also, the shortcomings of "traditional market makers" have caused online brokerage Robinhood headaches, prompting them to explore potential help from Uniswap in terms of trading depth, clearing efficiency, and costs.

Founder Hayden Adams denies collaboration

The aforementioned video was quickly taken down, as founder Hayden Adams stated that they do not have a partnership with the companies mentioned in the speech. To avoid misunderstandings, they proactively requested the removal. Hayden Adams said, "We have talked to many fintech companies, and many are interested in DeFi. But we do not collaborate with the companies mentioned in the speech."