Decentralized exchange Uniswap has partnered with fintech company Moonpay to allow users to buy cryptocurrency on a web app using debit cards, credit cards, and bank transfers. The bank transfer option is rolling out to 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 together that users will now be able to convert fiat to cryptocurrency on Ethereum mainnet, Polygon, Optimisme, and Artibrum in minutes.
1 / Jump into DeFi
Starting today, you can now buy crypto on the Uniswap Web App using your credit/debit card or bank transfer at the best rates on web3 thanks to our partnership with @moonpay! https://t.co/YVyk8e6d2h
– Uniswap Labs (@Uniswap) December 20, 2022
According to Uniswap, decentralized exchange (DEX) is a safer option than centralized exchange (CEX) due to built-in user protection, self-custodial wallet, permissionless protocol, immutability and transparent public ledger.
First, Uniswap will support Dai (DAI), Ether (ETH), USD coins (USDC), Connect (USD), Wrapped Bitcoin (wBTC), and Wrapped Ether (wETH), depending on the user’s region.
The company points out that the decentralized finance (DeFi) onboarding experience has been a major barrier to adoption, as CEX is seen as more convenient by users despite the risks. Uniswap hopes its latest launch will improve the onboarding process with “no deployment fees in USDC, the lowest processing fees in the market, and fast access.”
related: Uniswap launches NFT market aggregator
Uniswap’s announcement comes as several centralized crypto platforms have collapsed, the latest being FTX.
On November 22, Cointelegraph reported Uniswap received backlash from some community members to update their privacy policy to include the collection and storage of user data, which for many goes against the core value of crypto.
The privacy policy, which was updated on November 17, announced that the exchange will collect publicly available blockchain data, information about user devices such as browser and operating system information, as well as information about user interactions with service providers.
