Bitpay, an Atlanta-based cryptocurrency payments platform, has announced that the Bitpay wallet is now integrated with the decentralized exchange (dex) aggregator 1inch Network. This simply implies that Bitpay wallet users can now use a 1inch protocol to either swap ether or the innumerable ERC20 tokens.
The Bitpay wallet supports 1inch.
Going by the data available on defillama.com, statistics show that Decentralized finance (defi) has grown exponentially as there’s a $157 billion total value locked (TVL) across all defi supporting blockchains.
Dune Analytics metrics also show that, as far as defi user growth on the Ethereum network is concerned, there are about 3.2 million unique addresses. Bitpay is now joining in on the trend by allowing its users to also take part and get in on some of the defi market action by this latest integration which supports the dex aggregation protocol 1inch.
Basically, what the 1inch dex aggregator does is that it scans the countless dex platforms like Uniswap, Sushiswap, and the rest so as to find the lowest possible prices for crypto traders. The 1inch defi protocol also has its own native token, which can also be leveraged for staking.
Arguably the world’s largest crypto payment services provider, Bitpay has revealed that it has partnered with 1inch and that the protocol has been made available to all Bitpay wallet users. This means that users trying to access the Bitpay wallet can use the 1inch dex aggregation functionality without having to leave the wallet.
Bitpay hopes to offer users a safe, secure way to interact with Defi apps – CEO
Speaking about the development on Tuesday, Stephen Pair, Bitpay’s CEO and co-founder, said that defi protocols and decentralized applications (dapps) are already quite popular among Bitpay’s user base.
Stephen explained how they wanted to give users a safer and more secure way to interact with the Defi protocols stressing that the Bitpay wallet app will allow their users to spend, store and manage crypto. Pair also quickly added that this recent support for the 1inch dex aggregator will enable users to have access, and not just access but quick access to the best crypto swap rates.
Sergej Kunz, the 1inch Network co-founder has also shared his belief that partnering with Bitpay will undoubtedly help in improving defi accessibility to global users all around the world.
Kunz stressed the importance of offering access to the 1inch Dex aggregation to as many users as possible, especially at a time like this when defi services are gradually progressing towards mass adoption.