PancakeSwap’s New Offering
In a recent announcement dated September 21, PancakeSwap, the popular decentralized exchange (DEX), rolled out an exciting development: the integration of Transak into its “Buy Crypto” tab. This addition makes Transak the third option available for users looking to purchase cryptocurrencies, joining stalwarts Mercuryo and MoonPay in the process.
What is PancakeSwap?
PancakeSwap isn’t just another crypto exchange; it’s a multichain DEX serving users across eight blockchain networks, from BNB Smart Chain to the Ethereum universe. With over $1.3 billion locked in its smart contracts and a jaw-dropping transaction volume exceeding $150 billion daily, PancakeSwap is one of the heavyweights in the crypto arena, according to DefiLlama.
The Dilemma of Decentralization
Like many of its decentralized counterparts, PancakeSwap faces a challenge: it cannot convert fiat to crypto on its own. This creates a roadblock for newcomers to the crypto world who may not yet own any digital assets. To tackle this hurdle, the PancakeSwap team introduced a “Buy Crypto” feature that collaborates with various third-party providers for a smoother onboarding experience.
Why Transak?
Transak is no ordinary crypto service; it’s integrated with over 350 Web3 applications, making it an accessible choice for users. With Transak’s help, PancakeSwap now offers an impressive array of over 20 payment options tailored to global needs. These include the usual suspects like debit cards and bank transfers, alongside convenient new-age options like Apple Pay and Google Pay. Plus, users can choose from nine different cryptocurrencies across seven blockchain networks!
What the Experts Say
“It’s imperative that entry points remain simple yet robust,” says PancakeSwap’s head chef, Mochi. “Transak’s expertise in fiat on-ramping, combined with PancakeSwap’s platform capabilities, promises an era where diving into decentralized finance is intuitive and barrier-free for all.”
More Than Just Crypto
PancakeSwap is making waves beyond just trading. The platform launched a Web3 game called “Pancake Protectors” on May 30, designed to offer even more perks to holders of their governance token, CAKE. Additionally, a community vote in April brought down the token’s inflation rate to a manageable 3%-5%. Now, that’s what I call a sweet deal!
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