Decentralized cryptocurrency exchange Uniswap (UNI) has announced that it now allows users to purchase cryptocurrencies via the Uniswap Web App using a debit card, credit card or wire transfer. The new purchasing facility is now available in 160 countries around the world.
Uniswap currently supports Ethereum, Polygon, Optimism and Arbitrum. This means users can easily purchase related cryptocurrencies such as DAI, ETH, MATIC, USDC, USDT, WBTC and WETH directly on the decentralized cryptocurrency exchange (DEX) via debit card, credit card or wire transfer.
Collaborating with MoonPay, Uniswap will now allow users to easily transact in the world of DeFi (decentralized finance) and purchase cryptocurrencies using any card and bank transfer method through the Uniswap Web Application. For this process, users will only need to connect their wallets to the Uniswap Web application and cryptocurrency purchases will be made instantly. In a statement from the decentralized cryptocurrency exchange on the subject, “We bring you the best fiat ramp experience. No spread fees in USDC, the lowest transaction fees in the market and instant access!” note dropped.
Uniswap also made it clear that any financial information of its users, such as credit card, debit card and bank information, will not be recorded. In addition, it was underlined that no personally identifiable personal data will be collected for its users.
Users can see their cryptocurrencies in their wallets within minutes after purchase. So far, no off-ramp facility exists to move cryptocurrencies to a bank account. However, Uniswap has announced that it is working on that as well. Currently, users cannot directly purchase NFTs using their debit, credit or bank accounts. For this, they first need to buy ETH and buy NFT using these ETHs. On the other hand, Uniswap has set minimum and maximum limits for the purchase of different cryptocurrencies and stablecoins.
DEXs offer greater user protection because they have self-storage wallets, are unattended, and are unalterable protocols by a central authority. However, when compared to centralized exchanges, decentralized cryptocurrency exchanges do not offer enough initial participation experiments, but Uniswap plans to fully address this with its latest move. Market analysts and experts point out that Uniswap’s latest moves will benefit UNI, the service token of the DeFi protocol, and its price will rise rapidly in the medium and long term.