Besides using bank transfers to purchase crypto, users can also use the decentralized exchange to buy bitcoins.
With the help of fintech company Moonpay, decentralized exchange Uniswap now supports debit cards, credit cards, and bank transfers for buying cryptocurrency.
SEPA (Single Euro Payments Area) and most U.S. states are implementing bank transfers.
In a couple of minutes, Uniswap users will now be able to convert from fiat to cryptocurrency, as announced by Uniswap on December 20.
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
A variety of cryptocurrencies will initially be supported by Uniswap, including Ether, Dai, USD Coin (USDC), Tether (USDT), Wrapped Bitcoin (WBTC) & Wrapped Ether (wETH), relying on the user’s region.
Despite associated risks, consumers find CEXs more convenient than DeFi onboarding, which is a major barrier to adoption. As part of its latest launch, UniSWap hopes to improve onboarding by eliminating spread fees on USDC and lowering processing fees.
With the collapse of several centralized crypto platforms, Uniswap’s announcement comes at a time when multiple crypto platforms have been collapsing.
Uniswap’s privacy policy, updated on November 17, included collecting and storing user data, which is considered problematic by some crypto community members.
On November 17, the exchange updated its privacy policy to reveal that it collects publicly available blockchain data from users, information about their devices, like browsers and operating systems, and their interactions with its service providers.