An Analysis of Pancakeswap’s Addition of Transak as a Provider in Its “Buy Crypto” Tab

An Analysis of Pancakeswap’s Addition of Transak as a Provider in Its “Buy Crypto” Tab

Pancakeswap, a decentralized exchange (DEX) known for its multichain functionality, recently announced the addition of Transak as a provider in its “buy crypto” tab. This addition offers Pancakeswap users yet another option when shopping for cryptocurrencies. Prior to this, Mercuryo and Moonpay served as the providers for this feature, with Transak becoming the third provider to be integrated.

Pancakeswap stands out for its availability on multiple blockchain networks, including BNB Chain, Ethereum, Base, Polygon zkEVM, and others. Its contracts currently hold over $1.3 billion worth of crypto, and it boasts an impressive daily trading volume of over $150 billion, as reported by DeFi Llama.

Since Pancakeswap is a DEX, it faces the limitation of not being able to directly facilitate fiat-to-crypto conversions. To overcome this challenge, the development team implemented the “buy crypto” feature. This feature allows users to onboard with third-party providers like Mercuryo, Moonpay, and now Transak, solving the problem of needing to own cryptocurrency before using the exchange.

Transak, with integration into 350+ Web3 apps, offers one of the most accessible crypto onboarding services. The announcement highlights that Transak will provide users with “over 20 different payment options based on global needs,” including debit cards, Google Pay, Apple Pay, bank transfers, and more. Moreover, Pancakeswap users will have access to nine different cryptocurrencies across seven blockchain networks through Transak.

Mochi, the pseudonymous leader and head chef of Pancakeswap, emphasized that the integration with Transak aims to simplify the usage of decentralized finance protocols. The combination of Transak’s expertise in fiat on-ramping and Pancakeswap’s platform capabilities is expected to create an era where decentralized finance becomes more intuitive and accessible to all users.

In addition to the “buy crypto” feature, Pancakeswap has been actively expanding its ecosystem. The launch of the web3 game called “Pancake Protectors” on May 30 is an example of this strategy. The game rewards holders of Pancakeswap’s governance token, CAKE, with special perks. Furthermore, in April, a governance vote resulted in reducing CAKE’s inflation rate to 3%-5%.

Pancakeswap’s decision to include Transak as a provider in its “buy crypto” tab expands the options available to its users. By partnering with Transak, Pancakeswap aims to address the challenge of fiat-to-crypto conversions and make decentralized finance more accessible. This integration showcases Pancakeswap’s commitment to enhancing its platform and ecosystem, ultimately benefiting its community of users and token holders.

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