The decentralised exchange Uniswap will also allow users to buy crypto using bank transfers.
Through its web app, Uniswap has partnered with fintech company Moonpay to allow users to buy cryptocurrency using debit cards, credit cards, and bank transfers. In most states of the U.S., Brazil, the United Kingdom, and the Single Euro Payments Area, or SEPA, bank transfers will be available.
According to Uniswap’s announcement on Dec. 20, users will now be able to convert fiat to cryptocurrency on the Ethereum mainnet, Polygon, Optimism, and Artibrum within minutes.
DEXs are safer than centralised exchanges (CEX) thanks to their built-in user protection, self-custodial wallets, permissible, immutable protocols and transparent public ledgers, according to Uniswap.
Uniswap will initially support Dai (DAI), Ether (ETH), USD Coin (USDC), Tether (USDT), Wrapped Bitcoin (wBTC), and Wrapped Ether (wETH) purchases.
The company explained that the onboarding process for decentralised finance (DeFi) has been difficult and users’ prefer CEXs despite the associated risks. Through its recent rollout, UniSwap hopes to improve onboarding with zero spread fees on USDC, lowest processing fees, and instant access.
The announcement from UniSwap comes at a time when FTX has become the latest centralised crypto platform to collapse.