Uniswap Labs Acquires Genie to Expand Its Products by Including NFTs and ERC-20s

Uniswap Labs Acquires Genie to Expand Its Products by Including NFTs and ERC-20s

The acquisition won't have any toll on Uniswap Protocol, Uniswap Governance, or the UNI token.

Uniswap, the largest ETH-based decentralized exchange (DEX), has recently announced that it acquired the first non-fungible token (NFT) marketplace aggregator Genie in a move to lend a helping hand in unlocking universal ownership and exchange.

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According to the official statement issued on June 21st, Uniswap Labs will leverage the aggregator to bring ERC-20s and NFTs into the startup’s product mix that will be available through the Uniswap web application.

The team behind Uniswap mentioned that users will soon have the ability to purchase and sell NFTs in numerous crypto marketplaces. On top of that, NFTs will be reportedly integrated into the platform’s “developer APIs and widgets,” in the hope of providing builders even more access to Web3.

In fact, this isn’t the first time when Uniswap is setting its foot in the NFTs field. Back in 2019, the DEX rolled out its first instance of NFT liquidity pools dubbed Unisocks which identifies “NFTs as another format for value in the growing digital economy” and now acts as a significant path to Web3.

Genie, launched in 2021, is defined as the first NFT marketplace aggregator that provides its users the opportunity to purchase, sell and trade across all significant marketplaces in a single transaction.

Currently, no information on the acquisition price or terms of the deal is available. However, Uniswap still shared some details and stated that it is planning to initiate a 12-month USDC airdrop for “historical Genie users” in August.

In other news, earlier this year, Uniswap Labs launched a venture capital fund to invest in and support various crypto-related projects via its partnership opportunities, product development initiatives, and design improvement capabilities.

Gyth L. - Crypto Analyst

by Gyth L. - Crypto Analyst, BitDegree


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