Uniswap Partners with Moonpay, Allows Users to Buy Crypto with Credit and Debit Cards

Uniswip allows the purchase of crypto with a credit card, debit and bank reservoir. (photo: Twitter @Uniswap)

JAKARTA - Uniswap decentralized exchange has partnered with fintech company Moonpay to enable users to purchase cryptocurrency on its web application using debit cards, credit cards, and bank transfers. The bank transfer option is being rolled out to users in most US states, Brazil, UK, and the Single Euro Payment Area, also known as SEPA.

In an announcement made on December 20, Uniswap shared the information that its users can now convert fiat into cryptocurrency on the Ethereum, Polygon, Optimism and Artibrum mainnets in a matter of minutes.

According to Uniswap, a decentralized exchange (DEX) is a much more secure option than a centralized exchange (CEX) due to its built-in user protection, self-custodial wallet, permissionless, immutable protocol, and transparent public ledger.

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

Initially, Uniswap will support Dai, Ether, USD Coin, Tether, Wrapped Bitcoin (wBTC), and Wrapped Ether (wETH), depending on the user's region.

The company shares that decentralized finance (DeFi) onboarding experiences have been a major hurdle for adoption, as CEXs are seen as more convenient by users regardless of the risks involved.

Uniswap hopes its latest launch will improve the onboarding process with “no spread fees on USDC, lowest processing fees on the market, and instant access”.

Uniswap's announcement comes at a time when several centralized crypto platforms have collapsed, most recently FTX.

On November 22, Cointelegraph reported that Uniswap received backlash from some members of the community for updating its privacy policy to include the collection and storage of user data, which for many is against the core values ​​of crypto.

The privacy policy, updated on November 17, reveals that the exchange will collect publicly available blockchain data, information about users' devices such as browser and operating system information, as well as information about users' interactions with their service providers.