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Uniswap Now Allows Users to Buy Crypto Directly with Fiat

Validated Media

The exchange announced on Tuesday, revealing that its users can now directly purchase crypto on the platform using fiat payment options — a feature that has been lacking in most decentralised exchanges and applications.

“Starting today, you can purchase crypto on the Uniswap Web App using a credit card, debit card, or bank transfer at the best rates in web3,” Uniswap said.

Uniswap Partners With MoonPay to Support Fiat-to-Crypto Trading

Per the announcement, users in over 160 countries can purchase a limited number of cryptocurrencies on Ethereum mainnet, Polygon, Optimism, and Arbitrum, using major fiat payment channels like cards or bank transfers on the Uniswap Web App.

The supported tokens include Ethereum (ETH), Polygon (MATIC), USD Coin (USDC), Tether (USDT), DAI, Wrapped Bitcoin (WBTC), and Wrapped Ethereum (WETH). However, Uniswap said tokens might not be supported for users in certain countries, like the United States, which cannot trade WETH and WBTC.

According to the announcement, the fiat on-ramp experience is made possible following a partnership between Uniswap and MoonPay, a crypto payment service. While users can now purchase crypto using fiat currencies, the option to directly convert the crypto into their bank accounts is yet to be supported.

Uniswap said they are working to integrate the off-ramp options, but users can sell using “MoonPay’s website or any other off-ramp platform.”

More DEX Exchange Could Follow Suit

Fiat on-ramps have been an essential service lacking in several decentralised exchanges. This limits mass adoption and magnifies users’ dependency on centralised exchanges as the primary gateway to the crypto market.

Uniswap’s announcement comes amid the recent push for decentralised applications in light of the recent falls of centralised exchanges. More decentralised exchanges will likely follow suit to facilitate the switch.

(By Ibiam Wayas)

MoonPay
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