Decentralized crypto exchange Uniswap UNI/USD has partnered with MoonPay to accept credit and debit card purchases.
What Happened: Uniswap, which runs on the Ethereum ETH/USD blockchain, stated: “Decentralized exchanges (DEXs) are the safest way to trade digital assets compared to their centralized counterparts. With self-custodial wallets, permissionless and immutable protocols, and a transparent public ledger, DEXs have built-in user protections."
A major barrier to DeFi adoption has been the onboarding experience, compelling users to store their centralized crypto exchanges (CEXs) for convenience, "despite the risks," the company explained.
See Also: Binance Is Among Top Vote-Holders In Uniswap DAO, Delegates More Than 13M UNI Tokens
Users will need to verify their identity on MoonPay, a fintech company that builds payments infrastructure for crypto.
Credit cards from major banks and bank transfers are supported, though availability varies depending on the region. Bank transfers are only available for most of the U.S., Brazil, SEPA, and the U.K.
Why It Matters: By reducing barriers to adoption on Uniswap, the company is hoping to attract more mainstream investors outside the crypto community and turn recent CEX bad news into a netgain.
The news comes at a time when centralized crypto exchanges continue to fail, from the great splash of the FTX FTT/USD failure, to the ripple effect on entities like BlockFi, Three Arrows Capital, and Voyager Digital, which have all suffered bankruptcy.
See Also: Retail Investors Hold Largest Share Of Bitcoin Supply
Uniswap is promoting their decentralized status and self-custody as more secure solutions for customers.
2/ Self-custody is still the safest way to participate in crypto.
— Uniswap Labs (@Uniswap) December 20, 2022
We wanted to ensure that all of our users, and users to come, have a safe and secure way to buy crypto— without having to depend on centralized intermediaries.
Cover image source: Uniswap
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.