In partnership with crypto wallet provider BitPay, 1inch Network, a prominent decentralized exchange (DEX) aggregator is now expanding its reach
By working with seasoned crypto wallet provider BitPay, 1inch Network, a prominent decentralized exchange (DEX) aggregator and automated market maker, is expanding its reach.
The two firms announced today that 1inch’s DEX aggregation functionality will now be available to all BitPay wallet customers – an app that lets users store, convert and spend 12 different cryptocurrencies through Mastercard, Apple Pay, Google Pay, and ATM interfaces.
BitPay wallet customers can now access the DEX aggregator directly thanks to a partnership with 1inch Network. This year, 1inch Network announced expanded interfaces with several DeFi protocols and DEXs in order to improve the liquidity pools available to its customers.
The network searches over 60 different liquidity sources on Ethereum, over 30 on Binance Smart Chain, and over 20 on Polygon and Optimistic Ethereum using an algorithm called Pathfinder.
According to today’s statement, the DEX aggregator has exceeded $65 billion in total volume on the Ethereum network during the last two years. It received money from Pantera Capital and a number of other crypto venture funds in the winter of last year.
The cooperation with the BitPay Wallet app, according to 1inch Network co-founder Sergej Kunz, allows the DEX aggregator to reach out to new audiences that would “benefit from the 1inch’s favourable rates and user-friendly swap procedure.”
BitPay users will be able to exchange their BTC, ETH, or other crypto assets for various crypto assets at 1inch Network’s competitive rates thanks to the connection. They will not be required to exit the app in order to do so.
Following in the footsteps of another automated market maker Uniswap’s long-awaited alpha launch of its v3 exchange on the Optimistic Ethereum (OE) mainnet, 1inch Network announced its deployment on the OE mainnet two weeks ago.
For both systems, the adoption of the OE network is intended to drastically cut customer transaction prices and confirmation times.