PancakeSwap, a decentralized exchange, has incorporated Transak into its “buy crypto” feature, broadening the choices for users looking to purchase cryptocurrencies. The announcement came on September 21. Before this addition, Mercuryo and MoonPay were the two service providers for this functionality. Transak is now the third.
Operating on multiple chains, PancakeSwap is accessible on eight distinct blockchain platforms, which include BNB Smart Chain, Ethereum, Base, and Polygon zkEVM. As per the data from the crypto analytics site, DefiLlama, the exchange has more than $1.3 billion in cryptocurrency secured in its contracts and registers a daily volume exceeding $150 billion.
Decentralized exchanges like PancakeSwap inherently lack the capacity to directly convert fiat to crypto. This means users need to possess cryptocurrency in a wallet to utilize the exchange. To circumvent this limitation, the exchange’s developers recently launched the “Buy Crypto” option. This feature lets users acquire cryptocurrency via third-party service providers like Mercuryo, MoonPay, and now Transak. Transak boasts integration with over 350 Web3 applications, marking its position as a leading gateway for crypto onboarding.
In the update, it’s mentioned that Transak will extend “over 20 different payment methods tailored to global requirements”, encompassing platforms like debit cards, Google Pay, Apple Pay, and bank transfers. It will also supply nine varied cryptocurrencies across seven different blockchain networks to the users of PancakeSwap.
Speaking about this collaboration, PancakeSwap’s pseudonymous head, Chef Mochi, commented on the significance of keeping decentralized finance platforms user-friendly:
“Ensuring that entry points are both straightforward and sturdy is crucial. Merging Transak’s prowess in fiat onboarding with PancakeSwap’s platform capabilities heralds a phase where decentralized finance is effortlessly intuitive and devoid of obstacles for everyone.”
Furthermore, on May 30, PancakeSwap unveiled a web3 game titled “Pancake Protectors”, offering added benefits to those holding the DEX’s governance token, CAKE. Following a governance vote in April, the inflation rate of the token was trimmed down to a range of 3% to 5%.
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