Binance recently announced plans to integrate the popular decentralized exchange PancakeSwap into its app, also the global crypto exchange announced the non-custodial Binance DeFi Wallet enabling users to switch between Binance and DeFi.
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CAKE, the native token of PancakeSwap, a decentralized exchange (DEX) built on the Binance Smart Chain, was up as much as 27% in the last 24 hours. This comes after PancakeSwap announced a partnership with the world’s largest cryptocurrency exchange, Binance.
The token was trading around $5.50 prior to the announcement and reached $7.00 afterwards. At press time, the token was trading at around $6.40.
The partnership launches a “PancakeSwap Mini-Program” on the Binance app, which is the first decentralized finance (DeFi) project on Binance’s mobile platform, according to the press release. The Mini Program will start rolling out Thursday and eventually be available to all users of the app.
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, a 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.
