In a move that aims to redefine the ease of entering the crypto market, PancakeSwap, a decentralized exchange (DEX), has joined forces with Transak, a global cryptocurrency onramp platform. The partnership was announced on September 21, adding Transak as the third provider in PancakeSwap’s “buy crypto” tab. Previously, Mercuryo and Moonpay were the sole providers for this feature. Consequently, PancakeSwap users now have a broader spectrum of choices when shopping for crypto.
PancakeSwap is a multichain DEX available on eight different blockchain networks, including BNB Chain, Ethereum, and Polygon zkEVM. The platform boasts over $1.3 billion in locked crypto contracts and handles more than $150 billion in daily trading volume. However, like all DEXs, PancakeSwap couldn’t perform fiat-to-crypto conversions independently. Hence, the “buy crypto” feature was introduced to allow users to onboard with third-party providers like Mercuryo, Moonpay, and now Transak.
Bridging the gap between fiat and crypto
Transak claims integration into over 350 Web3 apps, making it one of the most accessible crypto onboarding services. According to the announcement, Transak will offer more than 20 different payment options based on global needs. These include debit cards, Google Pay, Apple Pay, and bank transfers. Moreover, Transak will provide nine different cryptocurrencies across seven different blockchain networks to PancakeSwap users.
PancakeSwap’s pseudonymous leader, head chef Mochi, stated that the integration aims to make decentralized finance protocols easier to use. “It’s imperative that entry points remain simple yet robust,” said 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.”
Future prospects
The integration extends to a range of cryptocurrencies across multiple blockchains, offering users the flexibility to select their preferred network. Additionally, PancakeSwap has plans to roll out more features and improvements in the coming months. These are designed to streamline and enhance the overall cryptocurrency experience for its users.
Transak, the driving force behind this partnership, aims to tackle a critical challenge in the cryptocurrency space: enabling mainstream individuals and businesses to access these revolutionary technologies. By seamlessly integrating local compliance, diverse payment methods, and global liquidity, Transak is playing a pivotal role in fostering greater cryptocurrency adoption.