QuickSwap now offers a fiat onramp for credit and debit card users, making it one of the first decentralized exchanges (DEXes) to do so.
Fiat Support for DEX Purchases
QuickSwap has announced that its DEX will allow users to buy crypto with payment cards. “After careful deliberation, we’ve launched Transak integration, allowing users to buy crypto straight from their credit or debit cards on QuickSwap,” the project noted on Twitter.
Typically, DEXes only allow crypto-to-crypto trades, meaning that QuickSwap is one of the first to offer the feature. “We don’t know of any other DEXs who are offering this service,” the project noted.
Despite that claim, some DEXes do offer the feature. KyberSwap partnered with Coindirect to offer a fiat gateway in October 2020, so the feature is not entirely unheard of.
QuickSwap Offers Low Fees
In addition to fiat support, QuickSwap is also able to charge low fees because it is built on the Polygon network (formerly Matic), a second-layer scaling solution for Ethereum.
This approach means that users can trade assets on Polygon-based DEXes like QuickSwap and pay lower fees. By entering crypto directly through the fiat onramp to layer 2, users can massively reduce the cost of making their first on-chain cryptocurrency purchase with their credit or debit cards.
These funds can then be migrated easily through the Matic wallet to layer 1 of Ethereum, where most dApps still reside.
Ethereum 2.0 promises to reduce fees and improve performance, but in the meantime, layer 2 solutions will likely see increased usage.
Disclosure: The author held ETH, UNI, SUSHI, and MATIC at the time of press.
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Author: Nathan van der Heyden