Binance, a leading cryptocurrency exchange company, recently confirmed the kickoff of the first DeFi project on its mobile application dubbed the PancakeSwap Mini Program. The program will be open to all users of the Binance app in phases with the intent of bringing about easy accessibility to the Decentralized Finance (DeFi) ecosystem to as many users as possible.
The launch of the DeFi platform’s Mini Program on Binance will afford users of Binance app openings to explore one of the rapidly developing sectors in the global blockchain and crypto sphere. Thereby onboarding over 90 million users to the DeFi ecosystem.
Binance, in association with PancakeSwap also introduced Binance DeFi Wallet – a Web 3.0 decentralized non-custodial wallet with which owners can initiate fund transfer and access decentralized applications (DApps) like PancakeSwap and effortlessly shuffle between DeFi and Binance. Every operation will be carried out in the mobile application. The wallet allows only transactions in the Binance CEX spot wallet for now. Users can get the wallet from the newest version of the Binance mobile app.
Mayur Kamat, Head of Product at Binance believes the collaboration with PancakeSwap is just the first step into integrating DeFi into the Binance ecosystem, which will, in turn, lay the groundwork for further decentralized projects in the future that will deliver interesting CeFi-DeFi experience as this interception is integral to the advancement of Binance.
PancakeSwap will with the new launch welcome additional users and also utilize the avenue to enlighten users as regards the role of DeFi in the crypto ecosystem according to Chef Snowball.
PancakeSwap is a decentralized exchange powered by the Binance Smart Chain. It operates an automated market maker (AMM) offering users a variety of features including liquidity pools, swapping, and others. It has the most used decentralized platform and also the highest with respect to trading amounts in the BSC world.
The cryptocurrency trading company had earlier this month introduced Bifinity, fiat to crypto payment platform. Binance also widened its reach to Dubai and Bahrain with the acquisition of multiple licenses all of which were previously reported by cryptomarketsbeat.