Uniswap Partners with Moonpay, Enables Crypto Purchases Using Debit and Credit Cards
- The new partnership with Moonpay allows Uniswap users to purchase crypto using debit and credit cards, as well as bank transfers, directly on the popular DEX.
- The platform will initially support purchases of DAI, ETH, USDC, USDT, wBTC, and wETH on the Ethereum, Polygon, Optimism, and Arbitrum networks.
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Popular decentralized exchange (DEX) Uniswap now allows its users to purchase digital assets directly on its platform through a new partnership with Moonpay, the DEX said via Twitter on 20 December.
According to the announcement, Uniswap users can now purchase crypto directly on its web app using debit and credit cards from more than 160 countries. Convirting fiat to crypto is also possible through bank transfers, but that option will be available only to users from most U.S. states, Brazil, the United Kingdom, and the Single Euro Payment Area (SEPA)
The new fiat-to-crypto option is available on the Ethereum, Polygon, Optimism, and Arbitrum networks, and will initially support the purchase of Dai, Ether (ETH), USD Coin (USDC), Tether (USDT), wrapped Bitcoin (wBTC), and wrapped Ether (wETH), depending on users region.
The goal of the new partnership with Moonpay is to improve the customer onboarding process, which according to Uniswap has been the largest hurdle to the adoption of decentralized finance (DeF). The platform also hopes that its zero spread fees on USDC, lowest processing fees in the market, and “instant access” will help it attract new users to its web app.
Uniswap’s new offering comes shortly after the collapse on many centralized platforms, which left many crypto users without access to their digital assets. One of the largest centralized platforms to go down was FTX, which filed for Chapter 11 bankruptcy back in November after it was revealed that it had heavily commingled customer and corporate funds. The former CEO of the company, Sam Bankman-Fried, is currently facing eight charges of customer and investor fraud, as well as violating campaign finance laws, and if found guilty on all accounts is facing a 115-year sentence.
- The so called “World App” crypto wallet will make use of the project’s “World ID” system to effectively distinguishes between humans and AI.
- While everyone will be able to use the new wallet, only verified “World ID” holders will enjoy gas-free transactions within the Worldcoin ecosystem.
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- MetaMask expanded its partnership with MoonPay to allow users in Nigeria to buy cryptocurrencies directly from its mobile wallet app and Portfolio dApp.
- MetaMask noted that the new crypto on-ramp feature will be expanded to other African countries in the coming month, including Kenya, Botswana, and South Africa.
- After passing its governance vote, the proposal to deploy Uniswap v3 on Boba Network has been scheduled to proceed in the coming weeks.
- Boba Network claimed the decision will allow Uniswap to expand into the Asian market, and enable developers to build on and off-chain DeFi applications on top of Uniswap.