BLOCKCHAIN

Uniswap and MoonPay will Allow Users to Buy Crypto via Card

  • Uniswap has announced that its users can now purchase crypto on its web app using credit cards, debit cards, bank transfers, etc.
  • The leading decentralized exchange has partnered with a crypto payment solution, MooPay, for the same.
  • The DEX will allow users to convert fiat to cryptocurrencies on the Ethereum mainnet, Polygon, Optimism, and Artibrum.
  • As per the announcement, many supported cryptocurrencies have a minimum purchase limit of 15 USD.

Renowned decentralized exchange Uniswap has recently announced that its users can now purchase crypto on its web app using credit cards, debit cards, or bank transfers at the best rates in Web3, thanks to its partnership with fintech company Moonpay.

On December 20, Uniswap shared a post on Twitter informing its users that the new partnership would allow them to easily convert fiat to cryptocurrencies on the Ethereum mainnet, Polygon, Optimism, and Artibrum.

It is important to note that the bank transfer option is exclusively rolled out for users from the majority of the U.S. states, the United Kingdom, Brazil, and the Single Euro Payments Area (SEPA).

Decentralized exchange platforms contain built-in user protections such as self-custodial wallets, permissionless and immutable protocols, and a transparent public ledger. However, the onboarding process, which forces users to store their centralized exchanges for convenience despite the risks, has been a major obstacle to DeFi adoption.

With its latest partnership with MoonPay, Uniswap expects an improvement in the onboarding process with “no spread fees on USDC, lowest processing fees in the market, and instant access, the lowest processing fees in the market, and instant access.”

Depending on the user’s region, Uniswap will initially support major tokens like Dai (DAI), Ethereum (ETH), Polygon (MATIC), USD Coin (USDC), Tether (USDT), Wrapped Bitcoin (WBTC), and Wrapped Ethereum (WETH). 

Notably, many supported cryptocurrencies have a minimum purchase limit of 15 USD or equivalent, while ETH, USDT, USDC, and DAI have variable minimum purchase limits depending on the market conditions. On the other hand, the maximum purchase limit also depends on the cryptocurrency and fiat a user is using. For instance, USDC has an upper limit of 10,000 on Optimism and Arbitrum.

Notably, the announcement by the leading decentralized exchange comes at a time when multiple centralized exchanges have failed crypto investors, the latest being FTX.

A few weeks ago, Uniswap faced a major backlash from some community members for updating its privacy policy. Notably, it included the collection and storage of user data, which, according to many investors, contrasts with the crypto industry’s core values.

It is important to note that the update in privacy policy, which happened on November 17, allows the exchange to collect publicly available blockchain data, users’ interactions with its service providers, as well as information about their devices like operating systems and browsers.

As earlier reported by Bitnation, Uniswap recently attained a valuation of $1.66 billion after a new Series C funding round in which it had raised around $165 million from existing and new investors. The round was led by Polychain Capital along with Paradigm, SV Angel, and Variant.

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