The decentralized exchange Uniswap has partnered with fintech company Moonpay to permit users to purchase cryptocurrency on its web app using debit cards, bank cards and bank transfers. The bank transfer option is rolling out to users in most US states, Brazil, UK, and the Single Euro Payments Area, also referred to as SEPA.
In a communiqué dated December 20, Uniswap common that its users will now have the option to convert fiat to cryptocurrency on the mainnet of Ethereum, Polygon, Optimism and Artibrum inside minutes.
1/ Go on to DeFi
From today you may buy cryptocurrencies within the Uniswap web application using a credit/debit card or bank transfer at the perfect rates on web3 due to our cooperation 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 the built-in user protection, self-service wallets, immutable protocols without permissions, and a transparent public ledger.
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 acknowledged that deploying decentralized finance (DeFi) has been a serious obstacle to adoption, as CEXs are perceived by users as more convenient despite the risks involved. Uniswap hopes its latest rollout will streamline the onboarding process with “no USDC spread fees, the bottom processing fees out there, and easy access.”
Uniswap’s announcement comes at a time when several centralized crypto platforms have collapsed, the newest being FTX.