Decentralized trading 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 Euro Payments Area, often known as SEPA.
Uniswap said on December 20 that its customers would now be able to convert money to cryptocurrency in minutes on the Ethereum mainnet, Polygon, Optimism, and Artibrum.
Because of their built-in user safety, self-custodial wallets, permissionless, immutable protocols, and transparent public ledger, decentralized exchanges (DEX) are a far safer alternative than centralized exchanges (CEX), according to Uniswap. Depending on the user’s location, Uniswap will initially offer Dai, Ether, USD Coin (USDC), Tether, Wrapped Bitcoin (wBTC), and Wrapped Ether (wETH).
The business said that the onboarding experience for decentralized finance (DeFi) has been a key barrier to adoption, as customers perceive CEXs to be more convenient despite related dangers. With “no spread costs on USDC, the lowest processing fees in the industry, and immediate access,” Uniswap expects its current rollout will ease the onboarding experience.
The announcement by Uniswap comes at a time when multiple centralized crypto platforms have failed, the most recent being FTX.
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