Union Square Ventures has taken action! $8.45 million worth of Uniswap tokens migrated to Coinbase Prime, reasons revealed!
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According to the latest news, Union Square Ventures (USV) has transferred 578,000 UNI tokens to Coinbase Prime in the past 9 hours, valued at approximately $8.45 million. This action is believed to be part of Uniswap's related management plan.
Ongoing token transfers and asset management
According to Ember Scan data, earlier this month, USV's address held 1.156 million UNI tokens. On December 19, the venture capital firm further transferred 1.156 million UNI tokens to Coinbase Prime, valued at approximately $17.34 million based on a historical average price of $15.07 per token.
As early as December 6, 2024, USV began gradually transferring UNI tokens obtained from its 2020 investment to Coinbase Prime. As of now, the company has transferred a total of 3.511 million UNI tokens in the past three weeks, valued at approximately $54.56 million based on an average price of $15.53 per token.
Despite these large transfers, the address associated with USV still holds a significant amount of UNI tokens. As of now, the balance of that address is 10.364 million UNI, valued at approximately $149.66 million at the cryptocurrency market price of $14.19.
The development of Uniswap has not been smooth sailing. According to crypto.news, on September 4, 2024, the U.S. Commodity Futures Trading Commission (CFTC) charged Uniswap Labs with allowing illegal trading of digital asset derivatives. Ultimately, Uniswap Labs agreed to pay a civil fine of $175,000 and to comply with the settlement terms for violating the Commodity Exchange Act.
Strategic layout: Entering Coinbase Prime
USV's ongoing token transfers appear to aim at optimizing asset allocation. The funds are primarily flowing into Coinbase Prime, a service designed specifically for institutional investors. This suggests that USV may be unwinding RMB, custodial storage, or portfolio reallocation, taking steps towards a more systematic management approach.
These moves by USV further capture the trend of specialized management of blockchain assets by venture capital firms, while also providing strong support for Uniswap's influence in the cryptocurrency market.
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