Uniswap Allies With MoonPay to Bolster Debit Card Transfers
DeFi Exchange's Deal Also Supports Credit Cards and bank Transfers
By: Samuel HaigByte
In a deal designed to grow its fiat business, Uniswap Labs, the team behind the No. 1 decentralized exchange by trade volume, joined forces with MoonPay, a crypto payments provider, the companies announced Tuesday.
The arrangement enables Uniswap users to purchase assets using debit card, credit card, or bank transfers. Users will have to submit to MoonPay’s know-your-customer and anti-money laundering checks to use the service. Uniswap Labs does not collect or store the financial or identity information of Moonpay users.
In an announcement, Uniswap said the deal will remove “a major barrier to DeFi adoption.” MoonPay supports transactions in DAI, ETH, MATIC, USDC, USDT, WBTC, and WETH, although U.S. customers cannot buy WETH or WBTC. Transactions made through the service must be worth at least $15 and are capped at $10,000.
“Uniswap is one of the largest and most important trading platforms in web3,” said Ivan Soto-Wright, CEO of MoonPay. “Together, we’re showcasing how you embed accessibility and usability into DeFi — making it easier to onboard the world to Web3.”
Uniswap is the No. 5 DeFi protocol with a total value locked of $3.3B, according to DeFi Llama. It processed $590M worth of trades in 24 hours, according to CoinGecko. Uniswap is live on the Ethereum, Optimism, Polygon, and Arbitrum networks.
The security benefits of transacting using non-custodial decentralized exchanges over custodial centralized platforms was recently thrust to the forefront of crypto discourse with the collapse of FTX. It is alleged that customer funds were misappropriated to bail out its sister firm, Alameda Research, and to make investments.
Uniswap’s total users increased 160,000 to 4.57M since November, according to data from Dune Analytics.