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.