Cryptocurrency News

Pancakeswap integrates Transak for fiat onboarding on multiple chains

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Decentralized exchange Pancakeswap now offers Transak as a provider in its “buy crypto” tab, giving Pancakeswap users an additional option when shopping for crypto, according to an announcement on September 21. Mercuryo and Moonpay were previously providers for this feature, making Transak the third provider to be added.

Caption: Pancakeswap buy crypto tab. Source: Pancakeswap

Pancakeswap is a multichain decentralized crypto exchange (DEX). It’s available on 8 different blockchain networks, including BNB Chain, Ethereum, Base, Polygon zkEVM, and others. It has over $1.3 billion worth of crypto locked in its contracts and does over $150 billion in volume per day, according to crypto analytics platform DeFi Llama.

As with all DEXs, Pancakeswap can’t perform fiat to crypto conversions on its own. Users have to first own cryptocurrency in a wallet before they can use the exchange. Its development team recently implemented the “buy crypto” feature in an attempt to fix this problem by allowing users to onboard with third-party providers like Mercuryo, Moonpay and now Transak. Transak claims to be integrated into over 350 Web3 apps, making it one of the most accessible crypto onboarding services.

According to the announcement, Transak will provide “over 20 different payment options based on global needs,” including debit cards, Google Pay, Apple Pay, bank transfers, and others, and will provide nine different cryptocurrencies across seven different blockchain networks to Pancakeswap users.

Related: MetaMask launches feature to sell ETH for fiat

Pancakeswap’s pseudonymous leader, head chef Mochi, stated that the integration will help make decentralized finance protocols easier to use:

“[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.”

Pancakeswap launched a web3 game called “Pancake Protectors” on May 30. The game gives extra perks to holders of the DEXs governance token, CAKE. The token’s inflation rate was reduced to 3%-5% through a governance vote in April.