Popular decentralized exchange, PancakeSwap has unveiled a Telegram bot that will allow users to trade digital assets within the instant messaging application. The DEX made the disclosure on Thursday via a post on its official X account, describing the move as an attempt to onboard more users to the DeFi and crypto landscape at large.
In the announcement, PancakeSwap revealed that the bot will support more than 3,000 cryptocurrencies. As indicated, the Telegram bot of the DEX will support more users to explore the decentralized finance sector.
By that, the bot will support users to trade their assets on PancakeSwap v2, v3, and stableswap on the BNB chain. Likewise, PancakeSwap revealed that the bot will enable users to trade their cryptocurrencies on Telegram while ensuring they retain the custody of their assets.
Meanwhile, PancakeSwap is the latest addition to the growing list of Telegram bots and mini-applications. Lately, projects are now launching their Telegram bot with a focus on lessening the impact of entry barriers.
Also, the platform, in the announcement added that despite being a Telegram bot the newly launched tool will carry out the functions of a proper decentralized exchange. More so, the DEX discussed how the Telegram bot will also come with the security features of PancakeSwap, which further dismisses questions about the security and reliability of the tool.
As part of its security setup, the bot will leverage the end-to-end encryption technology provided by the Telegram API. Consequently, PancakeSwap added that the support of the encryption system will help protect users’ data and trading activities.
Side Note on PancakeSwap
The integration with Telegram will support PancakeSwap to bite more into the market share of the DEX sector. According to Forbes, the market cap of all decentralized exchanges is $17.92 billion with Uniswap accounting for more than $4.92 billion.
It is worth mentioning that the launching of PancakeSwap on Telegram surfaced shortly after the DEX revealed its partnership with Bril Finance to provide portfolio management services for users. Similarly, the project team asserted that the tool will support users to hit higher risk-adjusted profits, unlike other methods.
Recall that PancakeSwap attracted huge attention last year after partnering with Unstoppable Domains, a renowned web3 domain name provider. According to a Binbits report, the two partners teamed up to provide users with a personalized web3 domain name.
Read More: