Uniswap lets users buy crypto with card deposits and bank transfers

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Fin is a former junior editor at TechForge.

Users of decentralised exchange Uniswap are now able to buy cryptocurrency on its web platform using credit cards, debit cards, and bank transfers.

The feature upgrade is the result of a partnership with fintech firm Moonpay and is being rolled out worldwide, although the bank transfer option is exclusive to customers in select US states, the UK, Brazil, and the Single Euro Payments Area (SEPA).

Uniswap has said that users looking to convert fiat currency to cryptocurrency on the Ethereum mainnet, Polygon, Optimism, and Artibrum networks are now able to do so within minutes.

Considering centralised exchange (CEX) FTX’s recent collapse, Uniswap didn’t shy away in its announcement from presenting decentralised exchanges (DEXs) as being the safer option.

The company said DEXs offer increased security through built-in user protection, a transparent public ledger, self-custodial wallets, as well as permissionless and immutable protocols.

Uniswap’s new card deposit and bank transfer feature has launched supporting six total currencies depending on the user’s region. These are Ether, Tether, USD Coin, Dai, Wrapped Bitcoin (wBTC), and Wrapped Ether (wETH).

Due to CEXs notable convenience, Uniswap said that onboarding users to its platform has been a major hurdle to DeFi adoption. The company hopes its lack of spread fees on USDC and low processing fees will help to increase uptake to the platform.

As one of the leading CEXs, FTX’s unexpected collapse has triggered a loss in confidence amongst users of such exchanges, with many moving their assets to wallets and platforms that are perceived as more secure.

In November, Uniswap launched an NFT marketplace aggregator tool, allowing users to trade and store NFTs on its native protocol.

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