Union Square Ventures has transferred 578,000 $UNI tokens to Coinbase Prime in the past nine hours, which is worth approximately $8.45 million.
The action is part of a wider trend of the move of Uniswap (UNI) tokens sticking by USV previously this month, as reported by Ember Scan. On Dec. 19, the UTIMCO-backed venture capital firm transferred an additional 1.156 million UNI tokens to Coinbase Prime, which was valued at approximately $17.34 million at the average price of $15.07 per historical data.
On Dec. 6, 2024, USV began moving UNI tokens they received from a 2020 investment to Coinbase Prime. The venture capital firm has transferred 3.511 million UNI, worth an estimated $54.56 million, in total over the past three weeks. Here, the average price of the transfer tokens is $15.53.
Even after these noteworthy transfers, the address linked to USV still has a sizable number of UNI tokens in its possession. Currently, the address still holds onto 10.364 million UNI, equating to roughly $149.66 million at the current market price of $14.19.
The Series A investment round raised $11 million for Uniswap in 2020. Andreessen Horowitz led the round with heavy participation from big-name investors Version One, Parafi Capital, Variant, SV Angel, and A. Capital, along with Union Square Ventures. The capital raised was to facilitate the development and scaling of Uniswap’s non-custodial trading services.
As reported by crypto.news earlier, Uniswap also came to the attention of regulators when the Commodity Futures Trading Commission filed an order against Uniswap Labs on Sept. 4, 2024, for allowing illegal trading in digital asset derivatives. Under the terms of the settlement, Uniswap Labs was required to pay a $175,000 civil penalty and stop violating the CEA.
USV appears to be making its way to various designated Coinbase accounts to prepare for liquidation, custodial storage, or portfolio re-allocation. The continued shift of funds to Coinbase Prime, a service designed specifically for institutional investors, indicates a systematic approach to managing its UNI assets.
Read the full article here
