Uniswap announces that users will soon be able to buy cryptocurrencies with their debit and credit cards.
Users of Uniswap, the decentralized trading exchange, will be able to purchase cryptocurrencies using bank transfers, debit cards, and credit cards. This comes after the partnership between Uniswap and Moonpay, a fintech business. Customers in most US states, Brazil, the UK, and SEPA (Single Euro Payments Area) will be able to use bank transfer when it starts. According to the statement released on December 20 by Uniswap, customers will soon be able to exchange cash for cryptocurrencies on the Ethereum mainnet, Polygon, Optimism, and Artibrum.
Uniswap says that DEXs are much safer than CEXs because of built-in user security, the availability of self-custodial wallets, permissionless and immutable protocols, and accessibility to transparent public ledgers. Ether, Wrapped Ether (wETH), Tether, Dai, USD Coin, and Wrapped Bitcoin (wBTC) will be a few of the first tokens to be made available. Uniswap also said that, despite the risks, customers still choose CEXs because they are convenient. This makes the onboarding process for decentralized finance (DeFi) a major barrier to adoption. With this recent development, Uniswap hopes that its onboarding process will be sped up because it has one of the lowest processing fees, has no spread costs on USDC, and enables faster access. This announcement from Uniswap comes at the right time, considering that several centralized crypto exchanges have recently failed, FTX being the major one.
Early in November, the cryptocurrency community didn’t like how Uniswap changed its privacy policy to include collecting and storing user data, which, as per many, goes against many of the core ideas of cryptocurrency. The exchange had earlier stated, on November 17, that it would start gathering user data on interactions with its service providers. According to the updates to the privacy policy, information such as user devices, operating systems, and browser information will become publicly accessible blockchain data.