Pancakeswap, a leading decentralized exchange (DEX), has announced its integration with Transak, a popular crypto onboarding service. This partnership allows Pancakeswap users to easily buy crypto using fiat currencies, expanding their options and making decentralized finance more accessible.
Pancakeswap, known for its multichain DEX, is available on eight different blockchain networks, including BNB Chain, Ethereum, Base, and Polygon zkEVM. According to DeFi Llama, it holds over $1.3 billion worth of crypto assets and handles over $150 billion in daily trading volume.
Traditionally, DEXs require users to own cryptocurrency before they can start trading. However, Pancakeswap has introduced the "buy crypto" feature to solve this problem, allowing users to onboard with third-party providers. Previously, Mercuryo and Moonpay were the providers, and now Transak joins as the third option.
Transak's Wide Range of Payment Options
Transak offers over 20 different payment options, catering to global needs. This includes debit cards, Google Pay, Apple Pay, bank transfers, and others. With this integration, Pancakeswap users will have access to nine different cryptocurrencies across seven different blockchain networks.
Transak is widely recognized in the crypto space, claiming integration into over 350 Web3 apps. Its user-friendly interface and extensive payment options make it one of the most accessible crypto onboarding services available.
Making DeFi Easier for All
Mochi, the pseudonymous leader and head chef of Pancakeswap, emphasized the importance of making decentralized finance protocols simple and user-friendly. By partnering with Transak, Pancakeswap aims to create an intuitive and barrier-free experience for all users:
"[I]t's imperative that entry points remain simple yet robust. Transak's expertise in fiat on-ramping, combined with PancakeSwap's platform capabilities, promises an era where diving into decentralized finance is intuitive and barrier-free for all."
Pancakeswap has been actively expanding its ecosystem and services. In May, it launched a web3 game called "Pancake Protectors," offering additional benefits to holders of its governance token, CAKE. The project has also reduced CAKE's inflation rate through a community vote, demonstrating its commitment to the token's stability and value.
With the partnership between Pancakeswap and Transak, users can expect a smoother onboarding process and improved accessibility to decentralized finance.
