Decentralized exchange Uniswap has partnered with fintech Moonpay to allow users to buy cryptocurrencies on its app using debit cards, credit cards, and bank transfers. The bank transfer option will be available to users in most US states, Brazil, the UK and the Single European Payments Area, also known as SEPA.
In the announcement made on December 20, Uniswap stated that its users will now be able to convert fiat currencies into cryptocurrencies on the Ethereum, Polygon, Optimism, and Artibrum networks in a matter of minutes.
1/ Go straight to DeFi
Starting today, you can now buy cryptocurrencies on the Uniswap web app using credit/debit card or bank transfer at the best rates in web3 thanks to our partnership with @employee! https://t.co/YVyk8e6d2h
– Uniswap Labs (@uniswap) December 20, 2022
1/ Go straight to DeFi
Starting today, you can buy cryptocurrencies on the Uniswap web app using a credit/debit card or via bank transfers at the best rates on web3, thanks to our partnership with moonpay!
– Uniswap Labs (@uniswap)
According to Uniswap, decentralized exchanges (DEX) are a more secure option than centralized exchanges (CEX) for users because of their built-in protection, and their interaction with self-guarding wallets, because they are immutable and unauthorized protocols and should be. Public and transparent ledgers.
Initially, Uniswap will support Dai (DAI), Ether (ETH), USD Coin (USDC), Tether (USDT), Wrapped Bitcoin (wBTC), and Wrapped Ether (wETH), depending on the user’s region.
The company stated that the experience with decentralized finance (DeFi) integration was a major hurdle for DEX adoption, as CEX is seen as more convenient by users, despite the risks associated with it. Uniswap expects the new release to improve the onboarding process with “no USDC spread fees, lowest processing fees on the market, and instant access.”
Uniswap’s announcement comes at a time when several centralized cryptocurrency exchanges, most recently FTX, have collapsed.
On November 22, Cointelegraph reported that Uniswap was opposed by some community members for updating its privacy policy to include the collection and storage of user data, which for many goes against the core values of cryptocurrency.
The privacy policy, which was updated on November 17, revealed that DEX will collect some publicly available data on the blockchain, information about users’ devices, such as information about the browser and operating systems used, as well as information about users’ interactions with your service. providers.
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