Transak Adds PEPE and BONK Meme Coins, Opening Pathways for New Users to DeFi Ecosystems
Transak, a leading web3 payments infrastructure provider, is expanding its platform by adding popular meme coins PEPE and BONK. The move is aimed at attracting new users to the decentralized finance (DeFi) space and providing access to vibrant communities like Solana and Ethereum.
The rise of meme coins, particularly within the Solana and Ethereum ecosystems, has been remarkable, driven by their close association with internet culture. According to CoinGecko’s Q2 2024 Crypto Report, meme coins are expected to play a significant role in driving cryptocurrency adoption in the latter half of the year. In fact, Solana meme coins have outperformed their Ethereum counterparts, recording an impressive 800% gain so far this year.
PEPE, a frog-themed token, quickly climbed the ranks to become one of the top 25 largest tokens by market cap earlier this year, reaching a $1 billion market cap just weeks after its launch in April 2023. Some traders even speculate that PEPE could surpass the market capitalization of the popular dog-themed token SHIB, which currently stands at $8 billion.
On the other hand, BONK started as a meme coin but gained traction within the Solana ecosystem. Various projects on Solana began accepting BONK for NFT payments and implemented “burn” mechanisms for NFT events shortly after its launch.
Transak’s platform simplifies the process of buying and selling crypto assets, handling KYC requirements, risk monitoring, and compliance for its clients like MetaMask and Coinbase Wallet. With a Series A funding of $20 million last year, the Web3 startup is focused on global expansion.
Users can now purchase meme coins on Transak’s platform with transactions up to $75,000, provided they complete Level 3 KYC verification. This feature caters to serious investors and traders in the meme coin market, making it easier for them to participate in the growing DeFi landscape.
In conclusion, the addition of PEPE and BONK meme coins on Transak’s platform not only reflects the rising popularity of meme coins but also signals the company’s commitment to making the crypto space more inclusive and accessible to all users. By providing a seamless onboarding process and support for popular tokens, Transak is paving the way for new entrants to explore the exciting world of decentralized finance.