Uniswap partners with Moonpay to bring debit cards

The largest decentralized exchange, Uniswap, is to bring debit and credit card payments to DeFi via the crypto payments provider, Moonpay. Uniswap is making a giant step towards DeFi adoption with an announcement of this partnership:

1/ Go direct to DeFi

Starting today, you can now purchase crypto on the Uniswap Web App using a credit/debit card or bank transfer at the best rates in web3 thanks to our partnership with @moonpay! https://t.co/YVyk8e6d2h

— Uniswap Labs (@Uniswap) December 20, 2022

Users can purchase crypto on the Uniswap Web App using a credit card, debit card, or bank transfer. They can convert from fiat to crypto onto Ethereum mainnet, Polygon, Optimism, and Arbitrum, and start swapping in minutes.

Uniswap states that the fiat-to-crypto feature is designed to be frictionless and available worldwide:

Major payment methods like cards and bank transfers are supported. This will vary depending on the region. Bank transfers are only available for most of the US, Brazil, SEPA, and the UK. See the MoonPay Help Center for more information on supported payment methods and fiat currencies.

With this new onramp fiat feature, Uniswap will support tokens such as DAI, ETH, MATIC, USDC, USDT, WBTC, and WETH. However, this also depends on the users’ location. For detailed information, Uniswap suggests contacting the MoonPay Help Center. Users can buy crypto from 15 USD to the upper limit of 10.000 USD.

Moonpay CEO Ivan Soto-Wright is excited about the new partnership, saying:

Uniswap is one of the largest and most important trading platforms in web3. MoonPay is proud to be the chosen provider of fiat payment services for the decentralized exchange. Together, we’re showcasing how you embed accessibility and usability into DeFi — making it easier to onboard the world to Web3.

Uniswap continues to follow DeFi ideals, stating that users must follow KYC Moonpay procedures. Still, Uniswap won’t be able to see your personal information, which means it won’t act as a holder of your bank details.

More on Uniswap updates: Uniswap launches NFT aggregator

Yet, the fiat-to-crypto feature is available only onramp. So, users can’t send the crypto back to their bank account:

We’re working to integrate an off-ramp. Today, you can sell using MoonPay’s website or any other off-ramp platform.