Uniswap Allows Users To Buy Crypto Using Bank Transfers

Key Points:

• Uniswap teamed up with fintech business Moonpay to enable customers to purchase cryptocurrencies using debit cards, credit cards, and bank transfers.
• It initially offers Dai, Ether, USD Coin, Tether, Wrapped Bitcoin (wBTC), and Wrapped Ether (wETH) depending on the user’s location.

Decentralized exchange Uniswap has teamed up with fintech business Moonpay to enable customers to purchase cryptocurrencies on its web app using debit cards, credit cards, and bank transfers.

Bank transfers are being made available to customers in most U.S. states, Brazil, the United Kingdom, and the Single European Payments Arena, commonly known as SEPA.

The firm said on December 20 that its users would now be able to convert money to cryptocurrency in minutes on the Ethereum mainnet, Polygon, Optimism, and Artibrum.

Decentralized exchanges (DEX) include built-in user security, self-custodial wallets, permissionless, immutable protocols, and transparent public ledgers, according to Uniswap, making them a considerably safer alternative to centralized exchanges (CEX).

Depending on the user’s location, Uniswap will initially offer Dai, Ether, USD Coin, Tether, Wrapped Bitcoin (wBTC), and Wrapped Ether (wETH).

The firm acknowledged that despite the dangers involved, customers still prefer CEXs and that the onboarding process for decentralized finance (DeFi) has been a significant barrier to adoption. With no spread costs on USDC, the lowest processing fees in the industry, and immediate access, Uniswap anticipates that its most recent deployment will enhance the onboarding experience.

On December 13, Coincus reported that Uniswap decreased the developer’s fee, which was affected by the devaluation of UNI. Additionally, the firm regulatory council will decide whether to test a “fee switch” on a selection of pools in the near future.

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