With the new collaboration, Uniswap hopes to make “DeFi and self-custody more accessible to all users.”
Uniswap, a decentralized cryptocurrency exchange (DEX) established in 2018, has collaborated with fintech firm Moonpay to allow its customers to purchase crypto using bank transfers and credit or debit cards.
According to the announcement shared on December 20th, the feature is available on Uniswap Web App in over 160 countries, including most states in the US, the United Kingdom, Brazil and the Single Euro Payments Area (SEPA). It is worth noting that users in Louisiana, Texas and the Virgin Islands cannot use this feature.
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Uniswap highlighted that its partnership with Moonpay will make “DeFi and self-custody more accessible to all users.”
Based on the announcement, the collaboration allows Uniswap customers to swap fiat for cryptocurrencies on Polygon, Artibrum, Optimism and Ethereum mainnet.
Upon the launch of the feature, Uniswap is set to support the purchases of Dai (DAI), Ethereum (ETH), Polygon (MATIC), USD Coin (USDC), Tether (USDT), Wrapped Bitcoin (WBTC) and Wrapped Ether (WETH). However, the company highlighted that supported tokens depend on each region.
Uniswap’s fiat on-ramp feature reportedly offers “no spread fees on USDC, the lowest processing fees in the market, and instant access.”
For users to purchase crypto using bank transfer, credit or debit card, they need to connect their wallet to the Uniswap Web App, click the wallet dropdown and buy the crypto of choice.
In the announcement, the company highlighted that there are limitations regarding the purchasing amount. Uniswap stated that the minimum purchase size is $15 or the same sum equivalent to the client's local currency. For example, for customers living in Euro-operated countries, the minimum purchase must be valued at over €14.
On the other hand, Uniswap emphasized that “buy limits depend on which cryptocurrency you buy and which fiat currency you use.”