Users of the decentralized exchange will also be able to use bank transfers to purchase crypto.
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 within most U.S. states, Brazil, the United Kingdom and the Single Euro Payments Area, also known as SEPA.
In the announcement made on Dec. 20, Uniswap shared that its users will now be able to convert fiat to cryptocurrency on the Ethereum mainnet, Polygon, Optimism, and Artibrum in a matter of minutes.
1/ Go direct to DeFi
Starting today, you can now purchase crypto on the Uniswap Web App using a credit/debit card or bank transfer at the best rates in 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) because of their built-in user protection, self-custodial wallets, permissionless, immutable protocols and 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 shared that the decentralized finance (DeFi) onboarding experience has been a major hurdle to adoption, as CEXs are seen as more convenient by users despite associated risks. Uniswap hopes its latest rollout will improve the onboarding process with its “no spread fees on USDC, lowest processing fees in the market, and instant access.”
Related: Uniswap launches NFT marketplace aggregator
Uniswap’s announcement comes at a time when several centralized crypto platforms have collapsed, the latest being FTX.