With the help of Moonpay, a fintech business, customers of Uniswap’s web app may now purchase cryptocurrencies using bank transfers, debit cards, and credit cards. The bank transfer option is being made available to customers in the majority of US states, Brazil, the UK, and the Single Euro Payments Area, or SEPA.
According to the Dec. 20 statement from Uniswap, customers will soon be able to quickly exchange cash for cryptocurrencies on the Ethereum mainnet, Polygon, Optimism, and Artibrum.
Because of its built-in user safety, self-custodial wallets, permissionless, immutable protocols, and transparent public ledger, Uniswap claims that decentralised exchanges (DEX) are a significantly safer alternative than centralised exchanges (CEX).
Depending on the user’s location, Uniswap will initially support Dai DAI, Ether, USD Coin, Tether, Wrapped Bitcoin (wBTC), and Wrapped Ether (wETH).
The company acknowledged that despite the dangers involved, customers still prefer CEXs and that the onboarding process for decentralised finance (DeFi) has been a significant barrier to adoption. With “no spread costs on USDC, lowest processing fees in the market, and rapid access,” the exchange anticipates that its most recent deployment will enhance the onboarding process.
Uniswap’s Uprise Amidst Other System Faliures
The news from Uniswap comes at a time when a number of centralized cryptocurrency systems have failed, the most recent of which was FTX.
On November 22, it was revealed that the decentralized exchange has faced criticism from several community members for revising its privacy policy to cover the gathering and storage of user data, which many felt went against the fundamental principles of cryptocurrency.
The exchange will gather data on user interactions with its service providers, information about user devices such browser information and operating systems, and publicly available blockchain data, according to the privacy policy, which was amended on November 17.
In other news, users can now trade nonfungible tokens, or NFTs, using the native protocol of decentralized exchange (DEX) Uniswap, according to a recent post from that day. The function, according to the decentralized exchange, would initially offer NFT collections for sale on websites such as OpenSea, X2Y2, LooksRare, Sudoswap, Larva Labs, X2Y2, Foundation, NFT20, and NFTX.