Uniswap has partnered with fintech company Moonpay to offer debit cards, credit cards, and bank transfers as a method of purchasing cryptocurrency on its web app
Now, users in most U.S. states, Brazil, the UK, and the Single Euro Payments Area (SEPA) can use bank transfers.
Uniswap disclosed that its users will soon be able to convert money to cryptocurrencies on the Ethereum mainnet, Polygon, Optimism, and Artibrum blockchains.
By offering self-custodial wallets, permissionless, immutable protocols, and a transparent public ledger, Uniswap claims that decentralized exchanges (DEX) are much safer than centralized exchanges (CEX).
Customers still prefer CEXs, despite the dangers involved, and the onboarding process for decentralized finance (DeFi) has been a significant barrier to adoption. Uniswap expects its latest deployment to enhance the onboarding process since it has "no spread costs on USDC, lowest processing fees in the market, and rapid access."
It comes at a time when a number of centralized cryptocurrency systems have failed, including FTX. Uniswap had previously faced criticism from some members of the community for revising its privacy policy to cover the gathering and storing of user data, which many believe goes against the fundamental principles of cryptocurrency.
Users' interactions with the exchange, browser information, operating systems, and publicly available blockchain data will be collected, based on the privacy policy, which was amended on November 17.
Stripe now allows customers to exchange dollars for digital assets; Kado, a payment processor focused on Web3 applications, has developed a Cosmos blockchain-based fiat mechanism.
