- CoinMarketCap has announced Ethereum token swaps through integration with Uniswap.
- The development comes despite its parent company Binance coming under scrutiny from the UK Financial Conduct Authority (FCA).
Popular crypto market data aggregator CoinMarketCap (CMC) recently launched token swaps backed by decentralized exchange Uniswap. CoinMarketCap announced the launch on the 29th of June in a tweet, triggering a lot of reactions from members of the crypto community.
CoinMarketCap launches token swaps
Upon the launch of the token swaps, CoinMarketCap’s token pages that are focused on Ethereum now include a swap icon that allows users to connect a wallet and swap between ERC-to tokens. The supported wallets include Coinbase, MetaMask, Portis, Fortmatic, WalletConnect, and Portis.
In reaction to CoinMarketCap’s announcement on Twitter, Uniswap Labs wrote:
We’re incredibly excited to see Uniswap integrated into CoinMarketCap. Token pages now have a “Swap” icon allowing users to connect to an Ethereum wallet and instantly trade that token through the Uniswap protocol. awesome work on the integration.
Although Ethereum is the only crypto supported at the moment, CoinMarketCap noted that more networks would be added in the future. Also, the crypto market data aggregator said there would be additional integrations with other DEXs. In addition, Uniwap (V1 and V2) will be the first supported DEX for token swaps.
Furthermore, CoinMarketCap explained how to use token swaps on its website. The first step is for users to navigate to the page of the coin they want to swap and click on the “Swap on CoinMarketCap” option. There, they will be able to choose the crypto they want to swap and the amount. In addition, users will be required to connect a wallet and also sign the blockchain transaction. CoinMarketCap warned:
Make sure that you have checked the liquidity provider fee that will be charged, the route, the price, impact, the minimum received and the slippage tolerance before confirming your swap.
Binance fuels traffic on CoinMarketCap
Since the beginning of the year, CoinMarketCap has seen an increase in traffic on its website. As of January, the website had 101 million total visits. However, the number of visitors on CoinMarketCap surged to 272.32 million in May. The spike in traffic is majorly fueled by referrals from its parent company, Binance. Binance accounts for 52.68 percent of all referrals to CoinMarketCap over the past month.
Since its inception in 2013, CoinMarketCap has grown to be one of the most referenced crypto data websites across the globe. The crypto data website was acquired by Binance in 2019, after which some top executives left the firm.
Binance is currently facing regulatory scrutiny in the UK. The Financial Conduct Authority (FCA) has stopped Binance Markets Limited (BML) from operating in the country. The FCA said that the Binance Group has been offering several products and services to UK consumers through its Binnance.com website despite not registering with the agency. However, Binance has opposed the claim in a tweet. The exchange said that its UK subsidiary Binance Markets Limited is a separate entity from Binance. The firm added that BML has not started offering services to UK consumers on its Binance.com website.
The FCA further warned investors to research any products they plan to invest in. The regulator further advised investors to conduct a proper inquiry with Companies House. This is to ensure that the firm is registered as a UK company.