To enable customers to purchase cryptos on its web app via debit/credit cards and bank transfers, Decentralized Exchange, Uniswap, has teamed with fintech firm Moonpay. Users in the majority of U.S. states, Brazil, the U.K., and the Single Euro Payments Area (SEPA), are now able to use the bank transfer option.
Uniswap said on December 20 that its users would soon be able to quickly change money to cryptos on the Ethereum mainnet, Polygon, Optimism, and Artibrum.
Due to built-in user security, self-custodial wallets, permissionless, immutable protocols, and a transparent public ledger, it is thought that Uniswap views DEXs as being safer than Centralized Exchanges (CEXs).
According to reports, depending on the user’s location, Uniswap initially plans to support Dai, Ether, USD Coin, Tether, Wrapped Bitcoin (wBTC), and Wrapped Ether (wETH). The company claimed that the onboarding situation for Decentralized Finance (DeFi) has made uptake difficult. However, with its “no spread fees on USDC, lowest processing fees in the market, and instant access,” Uniswap believes that its recent rollout will enhance the onboarding experience.
What will happen to the user’s data?
The Uniswap Protocol does not require users to prove their identity, but to purchase crypto using a card or bank account, they must adhere to MoonPay’s KYC/AML regulation. Furthermore, MoonPay emphasizes that it does not provide Uniswap Labs with user information. In response, Uniswap Labs disclosed that it does not gather and keep personal information like names, home addresses, dates of birth, email addresses, and IP addresses, nor does it collect and retain financial data like credit card and bank information.
