Binance is about to integrate the popular decentralized exchange PancakeSwap into its app. At the same time, the exchange is announcing the non-custodial Binance DeFi Wallet enabling users to switch between Binance and DeFi.
Binance, the world’s largest centralized crypto exchange by trading volume, is announcing the integration of the popular PancakeSwap into Binance’s app. PancakeSwap is currently the most popular decentralized platform by users and trading volume running on the BNB Chain, formerly Binance Smart Chain.
According to a corporate blog post, Binance’s integration of PancakeSwap will allow app users to seamlessly use PancakeSwap within the Binance Application – the first DeFi project to launch the PancakeSwap Mini Program.
Furthermore, Binance will integrate more dapps to allow users to experience DeFi within an easy-to-use CeFi platform. Together with the Binance DeFi Wallet, also announced in the blog post, users can create a wallet, transfer funds, and use dapps – all within the Binance mobile application.
The PancakeSwap Mini Program will start rolling out today and will be gradually open to all users of the Binance app over the next few days.
Announcing the non-custodial Binance DeFi Wallet
PancakeSwap is currently the most popular decentralized platform by users and trading volume. Its Mini Program launched in the Binance mobile application will, according to Binance, lower the barrier to decentralized finance and provide an important opportunity for Binance users to explore the DeFi world.
Along with the integration of PancakeSwap(CAKE), Binance is also announcing the Binance DeFi Wallet, non-custodial decentralized crypto and Web3 wallet within the Binance application. Users can access the Binance DeFi Wallet from the latest version of the Binance App to create a DeFi wallet, transfer funds, and use DApps such as PancakeSwap.
The Binance DeFi wallet experience is designed to simplify the onboarding and fund transfer process for new users, making it “very easy” to switch between Binance and DeFi, without worrying about selecting certain blockchains or copy/pasting the right addresses.
As per the announcement, for Binance, the cooperation with PancakeSwap has opened the DeFi world for users in the Binance ecosystem. New crypto users may not have the experience of creating a Web3 wallet, adding liquidity, staking, trading a wide variety of assets, participating in decentralized IFOs, et cetera. The PancakeSwap Mini Program provides an easy-to-use platform for users to have a Ce-DeFi experience.
“PancakeSwap Mini Program is only the beginning”
Binance Head of Product Mayur Kamat said
“CeDeFi is an important strategy for Binance’s development. As part of the strategy, the PancakeSwap Mini Program is only the beginning of the integration of DeFi projects into the Binance ecosystem. In the future, the Binance Mini Program feature will be open to more decentralized projects, providing users with smooth CeDeFi experience.”
For PancakeSwap, integrating with the most popular centralized ecosystem in the world enables it to educate and attract more users into the decentralized world. Through broad asset depth and liquidity, PancakeSwap will be able to further improve the core DeFi trading experience and expand other products embraced by the community. Chef Snowball, Head Chef at PancakeSwap said
“As the first DeFi project to launch a Mini Program, we have been working closely with Binance in the past few months. As we unveil more features and activities, we will also work together to improve the user experience of our DeFi products.”
PancakeSwap Mini App and Binance DeFi Wallet will be rolling out to users over the next few days. Users can scroll down from the top of the Binance App homepage to find the Mini Program Marketplace, where they can find PancakeSwap. Alternatively, users can search from the Mini Program Marketplace.
Rebranding Binance Smart Chain to BNB Chain
Only a month ago, as previously reported by CryptoSlate, Binance decided to change the name of their blockchain system from Binance Smart Chain to BNB Chain, in what seemed to be an effort to distance the “Binance” from the chain.
Though not included in the official announcement blog post, Binance CEO Changpeng “CZ” Zhao has previously tweeted that the BNB token should be named “Build N’ Build”, not Binance Coin as most people know it.
The relationship between the BNB token and the now BNB Chain makes the name change somewhat logical. BNB progressed from a native token of the Binance exchange used primarily for trading, into a gas fee token and the main asset of the BSC network – much in the same way ether, the token (ETH) is related to the Ethereum blockchain, a native token primarily used for paying gas fees.
Today, BNB is used by hundreds of dapps, listed on several exchanges, and held by millions of users. BNB is currently ranked number four and is one of the most popular cryptocurrencies with over $65 billion in market cap.