Uniswap users can now enjoy crypto transactions supported by debit cards, credit cards, and bank transfers on the decentralized platform’s web app.

What is Uniswap?

Uniswap is a decentralized exchange (DEX) built on the Ethereum Blockchain that allows users to buy and sell Ethereum-based assets using smart contracts. It operates on a peer-to-peer basis and facilitates transactions through liquidity pooling, in which users provide the equal value of two different tokens to a pool. Uniswap is popular for trading a variety of tokens, including stablecoins and NFTs, due to its simplicity, low fees, and fast transaction times.

What is MoonPay?

Moonpay is a payment processing company that allows users to buy cryptocurrency by using their credit or debit card. It is integrated with a number of popular cryptocurrency exchanges and platforms, such as Binance, Coinbase, and Kraken. Moonpay supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, and also offers support for stablecoins, such as Tether and USDC. In addition to its payment processing services, Moonpay also offers tools for developers to integrate its payment gateway into their own applications and platforms.

Uniswap now supports crypto transactions with debit and credit cards

According to an update shared by the decentralized exchange earlier this week, there is a new feature on the exchange platform that will allow users to convert fiat into cryptocurrencies on Ethereum mainnet, Polygon, Arbitrum, and Optimism, using the best conversion rates in the space. 

The option for bank transfer has been made available for Uniswap’s clients in most parts of the United States, the United Kingdom, Brazil, and the Single Euro Payments Area (SEPA). Based on a user’s location, they will be able to exchange ETH, USDC, USDT, DAI, wBTC, and wETH. 

The platform shared the safety associated with decentralized exchanges, which is more than that of centralized exchanges. Decentralized exchanges generally have in-built client protection systems, transparent publicized ledgers, self-custodial wallets, and permissionless and immutable protocols. 

However, users regard centralized platforms as more convenient; thus making them store their digital assets on these platforms. With this new feature, Uniswap intends to boost the DeFi onboarding experience with its instant access, zero spread fees on USD Coin (USDC), and lowest spread and processing fees in the market.