Uniswap: buying crypto by credit card now possible with MoonPay

Adding a button "Buy cryptos" on the Uniswap app.

Uniswap diversifies its offer – The ecosystem Challenge is full of juicy opportunities. However, it suffers from a cruel lack of accessibility. Indeed, obtaining cryptocurrencies can be long and tedious. Uniswap wants to remedy this by adding a new service to its offer.

Uniswap: the purchase of cryptos by credit card and bank transfer

The protocol Uniswap offers one of the iconic decentralized exchange platforms ofEthereum. This makes it possible to exchange various cryptocurrencies between them, and this, in a decentralized way.

Nevertheless, the platform concedes that access to the ecosystem Challenge can be complicated in some cases. This is how to facilitate access to DeFi, Uniswap has unveiled a module to buy cryptocurrencies by credit card and bank transfer.

“You can now directly join DeFi with the Uniswap web app and buy cryptocurrencies through the web app using any card or bank transfer in over 160 countries. »

Unsurprisingly, this feature is offered in partnership with a third-party service, namely MoonPay.

Adding a button "Buy cryptos" on the Uniswap app.
Added a “Buy Cryptos” button on the Uniswap app.

At launch, users will be able to obtain 7 cryptocurrencies, namely DAI, ETH, MATIC, USDC, USDT, WBTC and WETH. Moreover, this feature is not exclusive to Ethereum and can also be used on Polygon, Optimism and Arbitrum networks.

This could well boost the adoption of layer 2 by allowing direct access without having to go through Ethereum.

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KYC: the mandatory passage

Obviously, this functionality is not KYC-free. This is because users will need to complete the know-your-customer process to complete the purchase.

“To buy crypto with a card or bank account, you will need to follow MoonPay’s KYC/AML policy. You do not need to verify your identity to use the Uniswap protocol, only to buy crypto through MoonPay. MoonPay does not share customer data with Uniswap Labs. »

Fees and limitations

On the fee side, Uniswap will not charge any fees for this service. However, MoonPay fees apply and fluctuate between 1 and 4.5% depending on the method of payment.

Additionally, Uniswap has reached an agreement with MoonPay that there will be no spread on USDC purchases, as explained in the announcement:

“Payment processors offer a token price slightly above the market rate. These fees are called “spread” and contribute to their margins. We have no spread for USDC purchases! »

Obviously, this service has certain purchase limits. Thus, purchases are possible from $15 and have an upper limit of $12,000 or €10,000.

This new feature is part of Uniswap’s democratization strategy. The platform also recently launched its own NFT exchange.in order to diversify its service offer.

In crypto, do not economize on caution! So, to keep your crypto assets safe, the best solution is still a personal hardware wallet. At Ledger, there is something for all profiles and all cryptos. Do not wait to put your capital in safety (commercial link)!

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