PancakeSwap has recently integrated Transak as a provider in its Buy Crypto tab, offering users an additional option when shopping for crypto. Mercuryo and Moonpay had already established themselves as the previous providers of this feature, and the recent development has made Transak the third provider.
— Transak (@Transak) September 21, 2023
PancakeSwap is a multichain decentralized crypto exchange. It is available on a total of eight different blockchain networks which include BNB Chain, Base, Ethereum, Polygon, zkEVM, and more.
Just like other decentralized exchanges, PanakeSwap cannot handle fiat-to-crypto conversions on its own. It is a requirement for users to own cryptocurrency before they can use the exchange. The development team recently addressed this issue by introducing the Buy Crypto feature which lets users onboard with third-party providers. According to the data shared by DeFi Llama, the platform has over $1.3 billion worth of crypto locked in its contracts and fares over $150 Million on a day-to-day basis
Transak currently claims to be integrated into more than 350 Web3 applications, which makes it the most accessible crypto onboarding service. Transak will take the initiative of providing more than 20 payment options based on global needs. These include debit cards, Google Pay, Apple Pay, bank transfers, and much more. At the same time, it would also provide nine different cryptocurrencies across seven blockchains to PancakeSwap users.
PancakeSwap Plans to Promote Ease of Use
Despite the announcement, PancakeSwap’s native token, CAKE, was seen to be trading in the red. As of now, the token has plunged by almost 1.84% in the previous 24 hours. The decline has pushed the trading price down to $1.15 and the market cap of the token currently stands at the $249 million mark.
The pseudonymous leader of PancakeSwap, head chef Mochi, stated that the integration of Transak would make the protocol increasingly easier to use. It is a matter of great importance that the entry points continue to stay simple and robust. Transak’s experience in fiat on-ramping coupled with PancakeSwap’s experience in platform capabilities would establish an era where decentralized finance is barrier-free for all.
The platform recently launched a Web3 game called Pancake Protectors in May this year. The game provides additional perks to the holders of the exchange’s governance token holders. Similarly, the token’s overall inflation rate was also reduced by 3-5% as a result of the governance vote earlier this year.