Uniswap’s new functionality will make decentralized finance easier for all users.
Uniswap, the largest Ethereum decentralized exchange, has announced that it will allow users to Buying Cryptocurrencies Using Credit and Debit Cards, as well as bank transfers, thanks to a partnership with Moonpay.
In this way, users will be able to purchase tokens from the networks of Ethereum, Polygon, Optimism and Arbtitrum, quickly and easily, using your fiat funds.
For now, the option to pay by credit and debit card will be available for users in the United States, while the transfer is enabled for users in USA, UK, Single European Payments Area (SEPA) and Brazil.
To be able to buy cryptocurrencies with fiat money in Uniswap, users will be required to agree to MoonPay's KYC and AML policies. This It does not mean that identity verification is required to use Uniswap, it will only be necessary to do so when purchasing cryptocurrencies through MoonPay.
In addition, depending on the user's area, token purchases with fiat money will be limited to certain currencies. For now, only fiat tokens can be purchased Dai, Ether, USDC, Tether, Wrapped Bitcoin and Wrapped Ether.
Moreover, Uniswap has indicated that he will stay around 15 euros (or its equivalent in local currency) for each such transaction. The fiat-crypto exchange rate will vary depending on the digital currency and the time at which the trade is made.
Uniswap has also noted that it maintains the lowest fees on the market:
- No minimum rate: Uniswap charges no minimum fee, regardless of the size of the purchase.
- No USDC spread: On Uniswap the spread (the market rates applied by payment processors) does not exist.
- Low processing and distribution fees: Negotiated
A gateway to the DeFi world
From Uniswap they have explained that this decision is taken to facilitate the entry into the DeFi world for all users. In this way, anyone will be able to take advantage of the security and decentralization benefits of decentralized finance.
Traditionally, the complexity of the processes and technology is often one of the main barriers to entry for new users. Decentralized exchanges require the use of self-custody wallets and other technologies that are complicated for users who lack experience. Uniswap highlights in its announcement that decentralized exchanges are safer, especially in everything related to user protection, which is integrated into the protocols, as well as the fact of using self-custody wallets and the use of smart contracts, with their properties of immutability and permissionless.
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