Connect with us

Blockchain

Uniswap to allow users to purchase cryptocurrency with debit and credit cards

Published

on

Decentralized exchange Uniswap has partnered with fintech company Moonpay to allow users to purchase cryptocurrency on its web app 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 Single European Payments Arena, also known as SEPA.

In the announcement made on December 20, Uniswap Mutual Its users will now be able to convert fiat currencies into cryptocurrency on the Ethereum mainnet, Polygon, Optimism, and Artibrum within minutes.

According to Uniswap, Decentralized Exchanges (DEX) It is a safer option Central Exchanges (CEX) Because of its built-in user protection, self-guarding wallets, immutable and unauthorized protocols, and a transparent public ledger.

Initially, Uniswap will support dai (DAI), ether (ETH), dollar coin (USDC) , Rope (USDT) and encapsulated Bitcoin (wBTC) and encapsulated ether (wETH), depending on the user’s region.

The company shared that the Decentralized Finance (DeFi) experience was a major hurdle for its adoption, as CEXs are seen as more convenient by users despite the risks associated with them. Uniswap hopes its latest offering will improve the onboarding process with “no spread fees on USDC, lowest processing fees on the market, and instant access.”

Related: Uniswap launches NFT marketplace aggregator

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

On November 22, Cointelegraph reported this Uniswap has received backlash from some members of the community to update its privacy policy to include the collection and storage of user data, which for many goes against the core values ​​of cryptography.

The privacy policy, which was updated on November 17, revealed that the exchange will collect publicly available blockchain data, information about user devices such as browser information and operating systems, as well as information about users’ interactions with service providers, among other things.