Pancakeswap, the decentralized exchange (DEX) known for its multichain support and high trading volume, has introduced Transak as its third provider for the “buy crypto” feature within the platform. This enhancement offers Pancakeswap users an additional option for acquiring cryptocurrencies directly through the exchange.
Pancakeswap operates across eight blockchain networks, including BNB Chain, Ethereum, Base, Polygon zkEVM, and more. With over $1.3 billion worth of crypto assets locked in its smart contracts and a daily trading volume exceeding $150 billion, Pancakeswap is a prominent player in the decentralized finance (DeFi) space.
As a DEX, Pancakeswap requires users to possess cryptocurrencies in their wallets before engaging in trading activities. To simplify the process and provide users with a fiat onramp, the platform integrated the “buy crypto” feature, which allows users to purchase cryptocurrencies through third-party providers.
Transak, now integrated into Pancakeswap, is known for its accessibility across more than 350 Web3 applications. It offers users a wide range of payment options, including debit cards, Google Pay, Apple Pay, and bank transfers. Additionally, Transak supports nine different cryptocurrencies across seven blockchain networks, expanding the choices available to Pancakeswap users.
Mochi, the pseudonymous leader of Pancakeswap often referred to as “head chef,” emphasized the importance of making DeFi protocols more user-friendly. He stated, “[I]t's imperative that entry points remain simple yet robust. 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.”
This integration reflects Pancakeswap's commitment to enhancing the user experience and providing convenient onboarding options for DeFi enthusiasts.