In the latest development, decentralized exchange Uniswap (UNI) announced that they are now allowing users to buy digital assets on the Uniswap Web App using a debit card, credit card, or bank transfer. This facility is now available to 160 countries across the world.
Currently, Uniswap supports Ethereum, Polygon, Optimism, and Arbitrum. It means over the DEX, users can purchase their respective cryptocurrencies such as DAI, ETH, MATIC, USDC, USDT, WBTC and WETH.
Amid the recent collapse of crypto exchange FTX, trust from centralized exchanges has dropped as many investors are moving their crypto into self-custody. As a result, the demand and trading volumes on decentralized exchanges (DEXs) have also shot up.
DEX’s offers greater user protection since they have self-custodial wallets, and are permissionless and immutable protocols. But when compared to centralized exchanges, DEXs don’t offer a very sound onboarding experience. With the latest move, the Uniswap DEX is planning to solve this exactly.
In partnership with MoonPay, Uniswap will now allow users to transact in DeFi via the Uniswap Web App and buy crypto using any card and bank transfers. Users just need to connect their wallet to the Uniswap Web app and can buy crypto instantly. The DEX platform noted:
“We’re bringing you the best fiat on-ramp experience – no spread fees on USDC, the lowest processing fees in the market, and instant access!”
Uniswap has also made it clear that they would not collect any financial information of their users such as credit card, debit card, and bank information. Besides, they also don’t collect any personally identifiable information for their users. Uniswap has also placed minimum and maximum caps for the purchase of different crypto and stablecoins.
After the purchase, users can see their digital assets in their wallets within minutes. So far, the off-ramp facility of moving crypto to a bank account isn’t available. But the DEX added that they are working on it.
Also, users cannot purchase NFTs directly using cards or bank accounts. They first need to purchase ETH and buy NFTs through it.
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