Binance Launches First DeFi Project on Mobile Platform

Cryptocurrency infrastructure provider, Binance recently announced that the company has launched the first DeFi project on its mobile platform, the PancakeSwap Mini Program. With an aim to lower the barriers to the world of decentralized finance (DeFi), the program will gradually open to all Binance app users.

DeFi is one of the fastest-growing sectors within the global blockchain and crypto ecosystem. In 2021, global investors parked billions of dollars under DeFi projects. Binance termed the recent launch an ‘important opportunity’ for its users to explore the world of decentralized finance.

In addition, the digital asset services provider announced Binance DeFi Wallet, a non-custodial decentralized Web3 wallet within the Binance application. Through the recent version of the Binance App, users can access the DeFi wallet.

Head of Product at Binance, 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 Ce-DeFi experience.”

Earlier this month, Binance announced the official launch of Bifinity, a payments technology company.

PancakeSwap

For PancakeSwap, the recent launch is an important opportunity to educate users regarding the role of DeFi in the crypto ecosystem.

“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," said Chef Snowball, Head Chef at PancakeSwap.

In the past few months, Binance has strengthened its position across different regions with the acquisition of multiple licenses. The company recently gained a crypto-asset service provider license from the Central Bank of Bahrain (CBB).