Uniswap, the decentralized exchange, has partnered up with fintech company Moonpay to let users in the U.S., Brazil, the UK and SEPA (Single Euro Payments Area) areas buy cryptocurrencies on its web app with debit cards, credit cards or bank transfers.
What Happened: Uniswap said on Tuesday that users may be able to convert fiat to crypto on Ethereum ETH/USD mainnet, Polygon MATIC/USD , Optimism OP/USD , and Artibrum within minutes.
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The decentralized finance (DeFi) onboarding process has been a major roadblock to user adoption due to the convenience of centralized exchanges (CEXs) despite their associated risks. Uniswap is now aiming to make the onboarding process easier with its new offering of "no spread fees on USDC, lowest processing fees in the market, and instant access."
This changes the equation, providing users with a more accessible and convenient option when entering the DeFi space.
Uniswap's announcement comes at a critical time when several centralized crypto exchanges have collapsed, the latest being FTX.
The DeFi platform believes decentralized exchanges (DEX) offer a much safer option than centralized exchanges (CEX) due to their secure user protections, self-custodial wallets, permissionless protocols and immutable public ledgers. In comparison, CEXs are volatile and open to potential manipulation and fraud due to their centralized nature.
Price Action: At the time of writing, ETH was trading at $1,213 down 3.36%. MATIC was trading at $0.79, up 0.08%, in the past 24 hours, according to Benzinga Pro.
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