Decentralized exchange Pancakeswap has recently introduced Transak as a new provider on its “buy crypto” tab. This addition offers users of Pancakeswap an alternative option when purchasing cryptocurrencies. The announcement was made on September 21, bringing Transak onboard as the third provider for this feature.
Pancakeswap operates as a multichain decentralized crypto exchange (DEX). It is accessible on several blockchain networks, including BNB Chain, Ethereum, Base, Polygon zkEVM, and more. The platform currently holds over $1.3 billion worth of crypto locked in its contracts and facilitates over $150 billion in trading volume per day, as reported by crypto analytics platform DeFi Llama.
As with all DEXs, Pancakeswap lacks the capability to perform fiat to crypto conversions independently. Users are required to have existing cryptocurrency in a wallet before they can engage in exchanges. To address this limitation, Pancakeswap recently integrated a “buy crypto” feature. This allows users to connect with third-party providers such as Mercuryo, Moonpay, and now Transak.
Transak boasts integration with over 350 Web3 apps, positioning itself as one of the most accessible crypto onboarding services. The announcement highlights Transak’s ability to offer “over 20 different payment options based on global needs.” These options include debit cards, Google Pay, Apple Pay, bank transfers, and more. Additionally, Transak provides nine different cryptocurrencies across seven different blockchain networks for Pancakeswap users.
The integration of Transak into Pancakeswap’s platform aligns with the project’s goal of simplifying the utilization of decentralized finance (DeFi) protocols. Mochi, the pseudonymous leader and head chef of Pancakeswap, emphasized the importance of maintaining straightforward yet robust entry points. The collaboration between Transak’s expertise in fiat on-ramping and Pancakeswap’s platform capabilities aims to establish an era where engaging with decentralized finance is intuitive and barrier-free for all users.
Besides its trading functionalities, Pancakeswap recently introduced a web3 game called “Pancake Protectors.” This game offers additional perks exclusively to holders of the platform’s governance token, CAKE. Through a governance vote in April, the inflation rate of the CAKE token was reduced to 3%-5%.
By introducing Transak as a provider on its “buy crypto” tab, Pancakeswap expands its options for cryptocurrency shoppers. The integration of Transak offers users a wider range of payment methods and cryptocurrencies to choose from, thereby increasing accessibility within the decentralized finance space. With an emphasis on simplicity and user-friendliness, Pancakeswap aims to enable a seamless onboarding experience for individuals looking to explore and participate in decentralized finance protocols. As the platform continues to evolve and introduce innovative features like “Pancake Protectors,” it strives to enhance the overall user experience and provide unique opportunities for CAKE token holders.