Decentralized exchange Uniswap has partnered with fintech company Moonpay to allow users to buy cryptocurrency on its web app using debit cards, credit cards and bank transfers. The bank transfer option is being rolled out for users in most US states, Brazil, the UK and the Single Euro Payments Area, also known as SEPA.
In the announcement made on December 20, Uniswap shared that its users will now be able to convert fiat to cryptocurrency on the mainnet of Ethereum, Polygon, Optimism and Artibrum within minutes.
Starting today, you can buy crypto on the Uniswap web app via credit/debit card or bank transfer at the best prices on web3 thanks to our partnership with @moonpay! https://t.co/YVyk8e6d2h
— Uniswap Labs (@Uniswap) December 20, 2022
According to Uniswap, decentralized exchanges (DEX) are a much safer option than centralized exchanges (CEX) due to their built-in user protection, self-custodial wallets, permissionless and immutable protocols, and a public ledger transparent
Initially, Uniswap will support Dai (DAI), Ether (ETH), USD Coin (USDC), Tether (USDT), Wrapped Bitcoin (wBTC) and Wrapped Ether (wETH), depending on the user’s region.
The company shared that the decentralized finance (DeFi) onboarding experience has been a major barrier to adoption as users find CEXs more convenient despite the associated risks. Uniswap hopes its latest launch will improve the onboarding process with its “no spread fees to USDC, the lowest processing fees in the market and instant access.”
Related: Uniswap Launches NFT Market Aggregator
Uniswap’s announcement comes at a time when several centralized crypto platforms have collapsed, the latest being FTX.
Uniswap received backlash from some community members for updating its privacy policy to include the collection and storage of user data, which many felt went against the basic values of cryptography.
The privacy policy, updated on November 17, revealed that the exchange will collect publicly available blockchain data, information about users’ devices, such as browser information and operating systems, as well as information about user interactions with their service providers.
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