Binance integrates DeFi exchange PancakeSwap, launches DeFi wallet
Binance, the world’s largest centralised crypto exchange by volume, announced that it will integrate the decentralised exchange (DEX) PancakeSwap into its application, the most highly used and popular DEX on the BNB Chain.
The announcement came via a statement on the Binance website, and said that PankcakeSwap would be available to users in the Binance application over the coming days, signalling the first DeFi project on its mobile platform.
The release also mentions that Binance will look at integrating more DApps, allowing its users to interact with DeFi products within its CeFi (centralised finance) platform.
“CeDeFi is an important strategy for Binance’s development,” Binance Head of Product, Mayur Kamat, said. “The PancakeSwap Mini Program is only the beginning of the integration of DeFi projects into the Binance ecosystem.”
Binance’s DeFi wallet
Along with the integration of PancakeSwap, Binance also announced a DeFi Wallet, a non-custodial decentralised Web3 wallet within its application, allowing users to create a wallet and use DApps within the Binance ecosystem.
Binance claimed the wallet is designed to simplify the onboarding and fund transfer process for new users, making it easier to switch between Binance and DeFi, “without worrying about selecting certain blockchains or copy/pasting the right addresses.”
The statement mentions that new crypto users may not have the experience of creating a Web3 wallet, adding liquidity, staking, or trading a wide variety of assets. This process can be complicated for newcomers and mistakes resulting in lost crypto can easily be made, the PancakeSwap integration provides a starting platform for Binance users to have a “Ce-DeFi experience.”
Currently, the DeFi wallet only supports transfers to and from the Binance CEX spot wallet. Binance says this eliminates the need to copy, paste and check the wallet address for the withdrawal and deposits from the spot wallet.
The PancakeSwap Mini App and Binance DeFi Wallet will be rolling out to users over the next few days.