Uniswap, which is the decentralized cryptocurrency exchange, will now allow buying cryptocurrencies through bank transfers and debit/credit cards.
Recently, this popular decentralized exchange has partnered with the leading Fintech Company, Moonpay to smoothen the cryptocurrency transactions for users. The exchange would allow users to buy cryptocurrency on its web applications either by using debit and credit cards or bank transfers. The option for purchasing cryptocurrency through bank transfer has already been rolled out for users in most states of the USA, Brazil, and the United Kingdom, and also the Single Euro Payment Areas which is known as SEPA.
Through its official announcement on December 20, Uniswap users will now be able to convert their fiat currencies into cryptocurrencies on Polygon, Optimism, Artibrum, and Ethereum Mainnet in less than a minute. In the beginning, Uniswap will support only DAI, Wrapped Ether (wETH), and Wrapped Bitcoin (wBTC). However, this coin of digital coins would vary from region to region.
Uniswap has always considered decentralized exchanges (DEX) to be a safer option than centralized exchanges (CEX) due to the built–in user protection, permissionless & immutable protocols, self-custodial wallets, and transparent public ledger. However, initially, the company faced huge onboarding challenges as users believed that CEXs are more convenient exchange options. As a result, Uniswap aims to change this notion by improving the onboarding process with the introduction of “no spread fees on USDC, instant access, and lowest processing fees in the market.”
This announcement from Uniswap came at a time when several centralized crypto platforms collapsed, FTX being the latest on the list. As a result, this decentralized exchange is on the mission to make crypto purchases convenient for users through the inclusion of direct bank transfers, debit, and credit card payments.