PancakeSwap launches Telegram Swap Bot for crypto trading access

Josh O'Sullivan 1 minute ago PancakeSwap launches Telegram Swap Bot for crypto trading access PancakeSwap’s new Telegram bot lets users trade over 3,000 tokens from the app, highlighting DeFi’s growing accessibility. 9 Total views Listen to article 0:00 News COINTELEGRAPH IN YOUR SOCIAL FEED Follow our Subscribe on PancakeSwap, one of the largest decentralized exchanges (DEXs) on the BNB Chain, has introduced a Telegram bot that enables users to trade cryptocurrencies directly from the messaging app. The bot currently supports trading for over 3,000 tokens, making decentralized finance (DeFi) transactions potentially more accessible to a wider audience familiar with Telegram. The Telegram Swap Bot will enable users to trade tokens on PancakeSwap v2, v3 and stableswap on the BNB Chain. While there are concerns about the security and implications of trading on a messaging app not dedicated to finance, the move reflects a broader trend to expand the adoption of mainstream DeFi services. Related: PancakeSwap adds portfolio manager function in partnership with Bril Security considerations Security and privacy are critical factors for any DeFi tool. Since Telegram is primarily a messaging app and not a dedicated trading platform, it does not have the same security protocols as other financial apps. To mitigate the risks, PancakeSwap’s bot uses end-to-end encryption within Telegram’s application programming interface, or API, to protect users’ trading activity and private information. A PancakeSwap spokesperson told Cointelegraph that the Telegram Swap Bot “facilitates trades while ensuring users manage their assets directly from their self-custodial wallets.” “Security is a top priority for PancakeSwap, and the Telegram Swap Bot is designed with this in mind. Users retain control over their funds just like any interaction with a decentralized exchange. “ Related: PancakeSwap integrates Transak for fiat onboarding on multiple chains DeFi and user impact The launch of PancakeSwap’s Telegram Bot is part of a growing trend to launch Telegram Mini Apps and bots, aiming to reduce entry barriers, lower transaction fees and make DeFi services more accessible to mainstream users. PancakeSwap’s new Telegram Bot follows the trend that Bitget CEO Gracy Chen described as a symbiotic relationship between Telegram, The Open Network and crypto trading. Chen cited a meteoric adoption of Telegram by emerging market economies as its “crypto adoption” makes the messaging app “stand out among other social media.” Related: Decentralized exchange PancakeSwap moves into GameFi Portfolio management integration On Oct. 30, PancakeSwap announced it had integrated portfolio management functionality in partnership with DeFi protocol Bril Finance, allowing users to deposit tokens into single-asset vaults through the user interface. The development teams for PancakeSwap and Bril claim that the system will allow users to get higher risk-adjusted returns compared to other methods due to the new liquidity provision algorithm that features automatic rebalancing. PancakeSwap’s “Head Chef,” or CEO, Mochi, claimed the integration allows the DEX to become “a one-stop shop for portfolio management” through Bril’s automated technology. Magazine: Off The Grid’s success shows ‘invisible’ blockchain is the winning play # Blockchain # Cryptocurrencies # Altcoin # Adoption # Telegram # Cryptocurrency Exchange # Decentralized Exchange # DeFi # PancakeSwap Add reaction