Pancakeswap Adds Transak as New Provider, Enhances User Accessibility to Cryptocurrencies
Summary:
Pancakeswap, a decentralized exchange, has introduced Transak as the latest provider under its "buy crypto" service, expanding its list of third-party cryptocurrency suppliers. Transak claims to be part of over 350 Web3 apps and will offer more than 20 different global payment options to Pancakeswap users. The exchange, currently servicing on eight blockchains, hosts crypto assets worth over $1.3 billion and handles daily volumes beyond $150 billion. This integration is part of a broader attempt to make decentralized financial protocols more accessible and user-friendly.
Pancakeswap, a decentralized commerce platform, has ushered in Transak as a new provider in their "purchase cryptocurrency" area, creating another avenue for users to acquire crypto, as revealed on 21st September. Before this inclusion, Mercuryo and Moonpay had been the exclusive providers for this service, making Transak the third addition to the supplier list. Image: Pancakeswap's cryptocurrency purchase tab. Credited to: Pancakeswap
Pancakeswap serves as a multi-chain decentralized digital currency exchange (DEX) extending its services over 8 distinct blockchain systems like the BNB Chain, Ethereum, Base, Polygon zkEVM, among others. Currently, the platform has crypto assets exceeding $1.3 billion secured in its agreements and registers daily transaction volumes upwards of $150 billion. These statistics are in accordance with DeFi Llama, an analytical tool for cryptocurrency.
All DEXs including Pancakeswap are not equipped to facilitate fiat to crypto transactions autonomously. As a mandate, users need to possess digital currency in a wallet for usage on the platform. To overcome this limitation, Pancakeswap's development team recently incorporated the "buy crypto" functionality allowing users to transact with third-party suppliers such as Mercuryo, Moonpay and the latest addition, Transak. Transak prides itself on being incorporated into more than 350 Web3 apps, asserting its position as one of the most widely accessible crypto onboarding platforms. The recent announcement also noted that Transak would offer in excess of 20 assorted payment methods catering to global requirements including debit cards, Google Pay, Apple Pay, bank transfers, besides others, and cover nine distinct cryptocurrencies across seven blockchain networks for Pancakeswap users.
Pancakeswap’s leader, who prefers to remain anonymous, better known as Mochi, articulated that the new integration was aimed at simplifying the user experience for decentralized finance protocols: “For the sector to thrive, easy yet comprehensive entry points are crucial. Combining Transak's fiat on-ramping prowess and Pancakeswap's vast platform utilities heralds the commencement of an era where engaging with decentralized finance becomes instinctive and universally accessible for all."
Pancakeswap initiated a web3 game titled “Pancake Protectors” on May 30, offering additional benefits to the holders of its governance token, CAKE. The inflation rate of the token was curtailed to 3%-5% following a governance vote in April.
Published At
9/21/2023 6:30:00 PM
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