Uniswap-MoonPay Collaboration: Allow Users To Buy- Sell Crypto Through Bank Cards

  • Uniswap labs do not store users’ personal or financial information.
  • Users cannot purchase NFT directly through MoonPay.
  • Uniswap does charge no spread fees on USDC purchases.

Uniswap-MoonPay collaboration

Uniswap, a decentralized cryptocurrency exchange, collaborated with fintech firm MoonPay to permit users to purchase cryptocurrency on its web application using credit cards, debit cards and bank transfers. The Bank transfer option is available for users in Brazil, the United Kingdom, most U.S. states and the Single Euro Payments Area (SEPA).

On December 20, Uniswap mentioned in the blog that the firm user could convert fiat currency to cryptocurrency on the Ethereum mainnet, Polygon, Optimism, and Artibrum in a few minutes. The organization mentioned that decentralized exchanges (DEXs) are a more secure way of trading digital assets than centralized exchanges because it features qualities such as self-custodial wallets, built-in user protection, permissionless & immutable protocols, and transparent public ledger.

Ivan Soto-Wright, CEO of MoonPay, stated, “Uniswap is one of the largest and most important trading platforms in web3,” and added, “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.”

DAI, ETH, MATIC, USDC, USDT, WBTC (Wrapped Bitcoin), and WETH (wrapped Ether) tokens are available on the Uniswap platform on an initial basis depending on the user’s region. Customers from the United States cannot purchase WBTC and WETH. Customers must observe MoonPay’s KYC policy while purchasing crypto through a card or bank account.

 Customers don’t have to identify themselves while using Uniswap protocol but only have to identify themselves when purchasing crypto through MoonPay. It does not share customers’ details with Uniswap Labs. The DEX does not contain the user’s personal and financial information, such as “credit card, debit card, and bank information, or personal data, such as first name, last name, street address, date of birth, email address, and IP address. 

Uniswap mentioned that they will charge some of the lowest fees in the entire market. Most payment processors charge fees based on purchase size, but its minimum fee is zero. Every platform charges spread fees, the difference between the asset cost and the user paying the price to purchase it. The platform charges zero spread fees on USDC purchases.