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DeFi Users may now Use Fiat Money to Buy Crypto on Uniswap

Investing in decentralised finance (DeFi) just became a little simpler, as the leading decentralised exchange Uniswap announced that customers may now acquire crypto using a debit card, credit card, or bank transfer using the Uniswap Web App. According to the release from Uniswap, you may convert from fiat to crypto and start exchanging in minutes on Arbitrum, Ethereum mainnet, Optimism, and, Polygon.

Users in more than 160 countries may purchase cryptocurrency via the web app using any bank or card transfer, thanks to a new collaboration with MoonPay. Getting cash into DeFi has been difficult since most fiat onramps operate via centralised exchanges, which involve lengthy KYC/AML checks and might prevent funds from being withdrawn.

Uniswap’s new integration includes the following:

  • The opportunity to trade for USD Coin (USDC) with no spread costs.
  • The lowest processing fees in the market.
  • Fast access to cash.

While all major payment options, such as cards and bank transfers, are available, only users in the majority of Brazil, the United States, SEPA, and the United Kingdom may execute bank transactions. Tokens available for fiat-to-cryptocurrency conversions vary by area and include MATIC, USDC, USDT, DAI, ETH, WBTC, and WETH. Users in the United States are unable to purchase WBTC or WETH. Users must follow MoonPay’s KYC/AML policy to purchase using fiat. 

Uniswap Protocol users does not need identity verification. Moreover users data will remain safe as MoonPay does not exchange client data with Uniswap Labs. Uniswap Labs does not collect or retain financial data like bank information, debit card or credit card, or personal data like first name, last name, date of birth, email address, street address, or IP address.