PancakeSwap Collaborates with Transak to Enable Fiat Onboarding on Multiple Networks

As the cryptocurrency market continues to evolve, accessibility and ease of use are of prime importance. In light of this, the decentralized exchange (DEX) platform, PancakeSwap, known for its multi-chain capabilities has recently integrated with Transak to enable users to purchase cryptocurrencies with debit cards, Google Pay, Apple Pay, and other payment methods. The announcement of making Transak the third payment provider after Mercuryo and MoonPay was made on the 21st of September. The Head chef Mochi, PancakeSwap’s pseudonymous leader, highlighted the importance of this integration in making decentralized finance protocol simpler to navigate. The statement further talked about the importance of making the entry points simple yet robust. The collaboration between Transak with their expertise in fiat on-ramping and PancakeSwap promises to offer a barrier-free entry into decentralized finance.

Background of PancakeSwap

PancakeSwap is a prominent decentralized exchange, an automated market maker (AMM) that empowers users to seamlessly exchange tokens, providing liquidity and earning fees in return. It was launched in September 2020 and is accessible across eight different blockchain networks, including BNB Smart Chain, Ethereum, Base, and Polygon zkEVM. PancakeSwap positions itself as one of the largest decentralized exchanges for BEP20 tokens, which represent digital assets that are compatible with the Binance cryptocurrency exchange network. 

The native token for the platform is CAKE, which follows an inflationary token model with no limit on the supply of CAKE. With the unique ability of the platform to eradicate the involvement of intermediaries, there are more than $1.3 billion locked in its smart contracts and a daily trading volume of over $150 billion. According to the data from DeFiLlama, PancakeSwap has cemented its position as one of the leading players in the DeFi space. 

PancakeSwap’s Integration with Transak

The decentralized exchange platform, PancakeSwap, recently announced its integration with Transak as a third provider in its buy crypto tab. This collaboration allows PancakeSwap to perform fiat-to-crypto conversion, allowing users to purchase cryptocurrencies using debit cards, Google Pay, Apple Pay, and other payment methods. The platform was previously working with Mercuryo and MoonPay however, with Transak over 350 Web3 applications can be integrated, elevating its position as one of the most accessible crypto onboarding solutions.

As per the announcement, Transak is likely to offer over 20 diverse payment options based on global needs which includes bank transfers, debit card, Google Pay, Apple Pay, and others.  It also provides access to nine different cryptocurrencies spanning seven diverse blockchain networks to PancakeSwap users. 

PancakeSwap’s integration with Transak is a significant advancement adopted by the company to enhance the user experience. By offering a variety of fiat onboarding options using Transak, cryptocurrency trading becomes more accessible to the community. PancakeSwap’s unwavering commitment to innovation and community empowerment is made vivid through its collaboration with Transak. They have also recently launched a Web3 game, called Pancake Protectors. The game offers additional benefits to individuals who hold PancakeSwap’s governance token, CAKE, granting them exclusive advantages. As the DeFi landscape continues to grow, PancakeSwap’s proactive approach has positioned it as one of the leading players.

Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.

Author: Puskar Pande

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