PancakeSwap, a decentralized exchange (DEX) operating across multiple blockchain networks, has expanded its cryptocurrency purchasing options by adding Transak as a provider. This addition, announced on September 21, supplements the existing providers, Mercuryo and MoonPay, offering PancakeSwap users more choices for acquiring cryptocurrencies.
PancakeSwap, known for its multi-chain DEX services available on eight blockchain networks, including BNB Smart Chain, Ethereum, Base, and Polygon zkEVM, boasts over $1.3 billion in locked cryptocurrencies and a daily trading volume exceeding $150 billion, according to DefiLlama, a cryptocurrency analytics platform. However, like other DEXs, PancakeSwap cannot directly convert fiat currency to crypto. Users must have cryptocurrency in their wallets before trading. To address this limitation, PancakeSwap introduced the "Buy Cryptocurrency" feature, allowing users to utilize third-party providers like Mercuryo, MoonPay, and now Transak.
Transak, integrated into over 350 Web3 applications, offers accessibility for crypto beginners. The company will provide PancakeSwap users with more than 20 payment options, including debit cards, Google Pay, Apple Pay, and bank transfers. Transak will support nine services across seven blockchain networks for various cryptocurrencies. PancakeSwap's anonymous leader, Chef Mochi, believes this integration simplifies decentralized finance (DeFi) protocols, making them more user-friendly:
"Entry points must remain simple yet powerful. Transak's expertise in fiat currency adoption combined with PancakeSwap's platform capabilities heralds an era where decentralized finance is intuitive and frictionless for everyone."
PancakeSwap also ventured into the world of web3 games with "Pancake Protectors," launched on May 30th. The game offers additional benefits to CAKE token holders. Earlier, a governance vote reduced the token's inflation rate to a range of 3% to 5%.
