Uniswap has partnered with Moonpay to allow users to buy cryptocurrency on its web app using debit cards, credit cards, and bank transfers.
Independent exchange In order to enable customers to purchase cryptocurrencies on its web app via debit cards, credit cards, and bank transfers, Uniswap has teamed with fintech firm Moonpay.
Users in the majority of U.S. states, Brazil, the United Kingdom, and the Single Euro Payments Area, or SEPA, are now able to use the bank transfer option. Uniswap said on December 20 that its users would soon be able to quickly change money to cryptocurrencies on the Ethereum mainnet, Polygon, Optimism, and Artibrum.
Because of its built-in user safety, self-custodial wallets, permissionless, immutable protocols, and transparent public ledger, Uniswap claims that decentralized exchanges (DEX) are a significantly safer alternative than centralized exchanges (CEX).
Depending on the user’s location, Uniswap will initially handle Dai (DAI $1.00), Ether (ETH $1,216), USD Coin (USDC $1.00), Tether (USDT $1.00), Wrapped Bitcoin (wBTC), and Wrapped Ether (wETH).
The company acknowledged that despite the dangers involved, customers still prefer CEXs and that the onboarding process for decentralized finance (DeFi) has been a significant barrier to adoption.
With “no spread fees on USDC, lowest processing fees in the market, and instant access,” Uniswap anticipates that its most recent deployment will enhance the onboarding process.
The news from Uniswap comes at a time when a number of centralized cryptocurrency systems have failed, the most recent of which was FTX. The community reacted negatively to Uniswap’s decision to update its privacy policy to include the gathering and storing of user data, which many believe goes against the fundamental principles of cryptocurrency, on November 22.
The exchange will gather data on user interactions with its service providers, information about user devices such browser information and operating systems, and publicly available blockchain data, according to the privacy policy, which was amended on November 17.
