independent exchange In order to enable users to purchase cryptocurrency on its web app using debit cards, credit cards, and bank transfers, Uniswap has partnered with fintech firm Moonpay. Users in the majority of U.S. states, Brazil, the United Kingdom, and the Single European Payments Arena, or SEPA, are now able to use the bank transfer option.
Uniswap announced on December 20 that its users will soon be able to quickly convert fiat to cryptocurrencies on the Ethereum mainnet, Polygon, Optimism, and Artibrum.
1/ Go direct to DeFi 🚄
Starting today, you can now purchase crypto on the Uniswap Web App using a credit/debit card or bank transfer at the best rates in web3 thanks to our partnership with @moonpay! 💸https://t.co/YVyk8e6d2h
— Uniswap Labs 🦄 (@Uniswap) December 20, 2022
According to Uniswap, due to their built-in user protection, self-custodial wallets, permissionless, immutable protocols, and transparent public ledger, decentralised exchanges (DEX) are a much safer alternative than centralised exchanges (CEX).
The company acknowledged that despite the risks involved, users still prefer CEXs and that the onboarding process for decentralised finance (DeFi) has been a significant barrier to adoption. With “no spread fees on USDC, lowest processing fees in the market, and instant access,” Uniswap anticipates that its most recent rollout will enhance the onboarding process.
The announcement from Uniswap comes at a time when a number of centralised cryptocurrency platforms have failed, with FTX being the most recent.
The community reacted negatively to Uniswap’s decision to update its privacy policy to include the collection and storage of user data, which for many goes against the fundamental principles of cryptocurrency, according to a report from Cointelegraph on November 22.
The exchange will gather data from publicly accessible blockchains, information about user devices like browser information and operating systems, as well as data on users’ interactions with its service providers, according to the privacy policy, which was updated on November 17.