Buy Crypto with Credit/Debit Cards
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Uniswap, which is a major decentralized exchange and operates its own blockchain network, has partnered with Moonpay, a fintech company.
The goal of their collaboration is to allow the credit/debit card holders as well as the bank account holders the ability to use these methods to buy cryptocurrencies.
This will be a huge utility for the users as they no longer have to resort to first buying USDT or other stablecoins and then buying cryptocurrencies.
Instead, they will be able to do it by paying with credit/debit cards or with bank wire transfers. The platform has announced that bank wire transfers will be available to certain users.
These users are from the United Kingdom, Brazil, and the United States. Even the users in the Single Euro Payment Area (SEPA) will be able to use the bank wire transfers option for purchasing crypto.
The announcement made on December 20
It was on December 20 when the officials at the Uniswap exchange made the announcement about the payments using these methods.
The users will not find it difficult to convert their currencies to cryptocurrencies and buy the cryptocurrencies they like.
Apart from the Uniswap blockchain, the users will be able to purchase cryptocurrencies on multiple blockchain networks.
These networks include Arbitrum, Optimism, Polygon, and the Ethereum mainnet. The exchange has made the facility available for users on multiple blockchain networks.
This way, more users will be attracted to their platform as they would want to buy crypto using these easy and trusted methods.
Benefits for the Users
Uniswap is one of the most adopted and decentralized exchanges in the entire cryptocurrency industry. It has positioned itself as a highly decentralized exchange.
It even advocates the importance and superiority of decentralized exchanges and decentralized systems over centralized systems.
Uniswap officials recently revealed that the services they offer are safer and more protected than any other centralized platform or protocol.
Whether it is the transparent, immutable protocols, permissionless, self-custodial wallets, or the user protection public ledgers, the DEX does it better.
Therefore, the centralized exchanges can never take the place of the DEX and can never surpass them.
Tokens Supported by Uniswap
Uniswap has announced that users will have access to purchasing a limited number of cryptocurrencies through their exchange with credit/debit cards or bank wire.
For now, the tokens they are supporting through their system are Wrapped Ether (wETH), Wrapped Bitcoin (wBTC), Tether (USTD), USD Coin (USDC), Ether (ETH), and Dai (DAI).
Going forward, they will be adding more cryptocurrencies for the users. For now, all of the regions will have access to these particular cryptocurrencies.
As per the Uniswap officials, the process of getting on board the decentralized finance industry was extremely difficult for them.
This is because the world is living in the perception that centralized exchanges are more reliable, secure, and effective than DEXs.
However, they have realized that it is just a perception because the CEXs invoke more risks and dangers. One of the biggest examples of the risks involved with the CEXs is none other than the FTX exchange.
FTX had been operating as a major centralized exchange and it ended up facing a major crash, resulting in losses to the cryptocurrency industry worth billions.
Uniswap has announced that they are trying to make things as convenient as possible for users. Going forward, they will be adding the option of a no-spread fee for the investors using the USDC stablecoins.
Uniswap has made the announcement at a time when the major CEX platforms are on the verge of collapsing. This would help bring in more users and businesses to the DEX.