Decentralized exchange PancakeSwap has integrated Transak as an additional option in its “buy crypto” tab, broadening the choices for its users looking to purchase cryptocurrencies. Announced on September 21, this addition makes Transak the third provider for the feature, following Mercuryo and MoonPay.
PancakeSwap operates as a multichain decentralized exchange available on eight distinct blockchain networks, including BNB Smart Chain, Ethereum, Base, and Polygon zkEVM. With over $1.3 billion in locked crypto assets and daily trading volumes surpassing $150 billion, PancakeSwap stands as a significant player in the decentralized exchange realm. However, like all DEXs, it requires users to have cryptocurrency in a wallet before trading, which led to the introduction of the “Buy Crypto” feature. This feature enables users to acquire cryptocurrency through third-party providers, and with the recent integration, Transak joins this list.
Transak boasts integration in more than 350 Web3 applications, positioning it as one of the most widely accessible services for crypto onboarding. As part of its offering on PancakeSwap, Transak promises over 20 different payment methods tailored to global needs, encompassing options like debit cards, Google Pay, Apple Pay, and bank transfers. Furthermore, it will offer nine cryptocurrencies spanning seven blockchain networks to users of PancakeSwap.
Highlighting the importance of user-friendly onboarding in decentralized finance, PancakeSwap’s leader, Mochi, emphasized the strategic partnership:
“The combination of Transak’s fiat on-ramping expertise and PancakeSwap’s platform aims to create an environment where decentralized finance is accessible, intuitive, and free from barriers for everyone.”
Notably, PancakeSwap launched a web3-based game, “Pancake Protectors,” in May. This game offers added benefits to holders of the exchange’s governance token, CAKE, which witnessed an inflation rate reduction to 3%–5% following a governance vote in April.