Decentralized exchange aggregator 1inch Network has partnered with Mercuryo, a cross-border payment network, to provide its users with a more seamless gateway to DeFi — potentially opening up the market to greater adoption.
“To date, some users have been discouraged from entering the DeFi space because most of the existing options for buying crypto are too complicated and inconvenient,” said Sergej Kunz, co-founder of the 1inch Network, adding:
“The integration between 1inch and Mercuryo offers everyone a user-friendly way to enter the space, buy crypto with fiat and begin trading or securely hold their assets.”
Petr Kozyakov, Mercuryo’s CEO and co-founder, said his company has seen “great demand” for fiat onramp solutions to DeFi:
"It's not possible to ignore DeFi if you look at how fast the industry is evolving. We see great demand from our users and partners to enable fiat-on-ramp solutions for DeFi enthusiasts. And we are proud to be integrated into the 1inch Wallet, as we value the power of its supportive community."
The 1inch Network has been in the headlines recently after expanding into Polygon — a move that opened up additional liquidity sources and higher throughput for its users. On Apr. 27, 1inch also launched a new mobile wallet on Apple iOS, enabling users to instantly swap tokens on their mobile devices.
DeFi continues to be one of the hottest segments of the cryptocurrency market. Despite the recent market downturn, the DeFi sector accounts for nearly $126 billion in total value locked, according to latest industry figures. That number peaked well north of $160 billion earlier this month. The total market capitalization of DeFi projects is now worth more than $107 billion.