Decentralized exchange Uniswap has partnered with fintech firm Moonpay to allow users to buy cryptocurrency on its web app using debit cards, credit cards and bank transfers. The bank transfer option is available to most US states, Brazil, the United Kingdom and users of the Single Euro Payments Area, also known as SEPA.
In an announcement on December 20, Uniswap shared that its users will now be able to convert fiat to cryptocurrency within minutes on the Ethereum mainnet, Polygon, Optimism and Artibrum.
1/ Go straight to DeFi
Starting today, you can now buy crypto from the Uniswap web app using a credit/debit card or bank transfer at web3’s best prices thanks to our partnership. @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 built-in user protection, self-supporting wallets, permissionless, immutable protocols and transparent public ledgers.
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) implementation experience has been a major barrier to adoption, as CEXs are considered more convenient by users despite the associated risks. Uniswap hopes its latest release will improve the onboarding process with its “no propagation fees on USDC, the lowest processing fees in the market and instant access.”
Related to: Uniswap launches NFT market aggregator
Uniswap’s announcement comes as several centralized crypto platforms have collapsed, the latest being FTX.