While central exchanges and crypto firms are fighting for solvency and seeking bankruptcy protections, Uniswap is booted up for the Fiat Game. Starting today, anyone can purchase crypto on the Uniswap Web App using a credit card, debit card, or bank transfer at the best rates in web3.
Uniswap struck a deal with MoonPay to bridge DeFi and conventional currencies, which allows Uniswap users to buy crypto assets directly via bank accounts or cards in 160+ countries. However, bank transfers are only available for most of the US, Brazil, SEPA, and the UK.
Depending on the region, users will be able to purchase DAI, ETH, MATIC, USDC, USDT, WBTC, and WETH with some of the lowest fees in the entire market. Uniswap users can now convert from fiat to crypto onto Ethereum mainnet, Polygon, Optimism, and Arbitrum and start swapping in minutes!
With this deal, Uniswap and MoonPay aim to resolve the longstanding issue for DEX users: Peer-to-peer blockchain protocols do not support fiat pairs like Centralised Exchanges. Currently, users can purchase cryptocurrencies at as low as $15 and go up to $12000.
Uniswap claims to provide the best fiat on-ramp experience on the merit of its no spread fees on USDC, the lowest processing fees in the market, and instant access!
Ivan Soto-Wright, CEO of MoonPay, stated that “Uniswap is one of the largest and most important trading platforms in web3 and MoonPay is proud to be the chosen provider of fiat payment services for the decentralized exchange. Together, we’re showcasing how you embed accessibility and usability into DeFi — making it easier to onboard the world to Web3.”