1inch Network, a major decentralized exchange (DEX) aggregator and automated market maker, is broadening its reach by partnering with veteran crypto wallet provider BitPay.
The two companies announced that 1inch’s DEX aggregation functionality is available for all users of the BitPay wallet — an app that allows individuals to manage, convert and spend 12 different cryptocurrencies through integrations with ATMs, Apple Pay, Google Pay and Mastercard.
The 1inch Network partnership enables BitPay wallet users to use the DEX aggregator directly. 1inch Network announced wider integrations with different decentralized finance (DeFi) protocols and DEXs this year to strengthen its liquidity pools for its users.
The network uses an algorithm called Pathfinder to search over 60 different liquidity sources on Ethereum, over 30 on Binance Smart Chain and over 20 on Polygon and Optimistic Ethereum. Over the past two years, the DEX aggregator has exceeded $65 billion in total volume on the Ethereum network, according to Tuesday’s announcement. In the winter of 2020, it secured funding from the likes of Pantera Capital and multiple crypto venture funds.
1inch Network co-founder Sergej Kunz stated that the partnership with the BitPay wallet app provides an opportunity for the DEX aggregator to reach out to new audiences who would "benefit from the 1inch's attractive rates and user-friendly swap process.” With the integration, BitPay users will be in a position to swap their Bitcoin (BTC), Ether (ETH) or other holdings for various crypto assets at 1inch Network’s competitive rates without leaving the app.
On Aug. 17, 1inch Network announced its deployment on the Optimistic Ethereum (OE) mainnet, following in the steps of fellow automated market maker Uniswap’s long-anticipated alpha launch of its v3 exchange on the OE mainnet. The use of the OE network is expected to significantly reduce user transaction fees and confirmation delays for both platforms.