Skip to main content

Bitpay Implements 1inch Network Support — Wallet Users Can Access Defi, Dex Aggregation

Bitpay Implements 1inch Network Support — Wallet Users Can Access Defi, Dex Aggregation

On August 31, the Atlanta-based cryptocurrency payments services provider Bitpay announced that the Bitpay wallet has integrated the decentralized exchange (dex) aggregator 1inch Network. Bitpay wallet users can utilize 1inch protocol to swap ether or the myriad of ERC20 tokens.

The Bitpay Wallet Supports 1inch

Decentralized finance (defi) has grown exponentially according to statistics as defillama.com data shows there’s $157 billion total value locked (TVL) across all defi supporting blockchains.

Metrics from Dune Analytics indicate that, as far as Ethereum network defi user growth is concerned, there are 3.2 million unique addresses. Bitpay is now allowing Bitpay wallet users to take part in some of the defi market action by supporting the dex aggregation protocol 1inch.

The 1inch dex aggregator basically scans the myriad of dex platforms like Uniswap, Sushiswap, and others in order to find the lowest prices for crypto traders. The 1inch defi protocol has its own native governance token and it is also leveraged for staking as well.

On Tuesday, the world’s largest crypto payment provider Bitpay revealed the company has partnered with 1inch and the protocol is now available to Bitpay wallet users. The integration means users accessing the Bitpay wallet can utilize the 1inch dex aggregation functionality without leaving the wallet.

Bitpay CEO: ‘We Wanted to Offer Users a Safe, Secure Way to Interact’ With Defi Apps

Bitpay’s CEO and co-founder Stephen Pair explained on Tuesday that defi protocols and decentralized applications (dapps) are popular among Bitpay’s user base.

“We wanted to offer users a safe, secure way to interact with them,” Pair stressed in a statement. “The Bitpay wallet app lets our power users spend, store and manage crypto and support for the 1inch dex aggregator enables users the ability to get the best crypto swap rates quickly,” Pair added.

The Bitpay wallet support follows 1inch announcing the protocol would be utilizing the Ethereum scaling solution “optimistic rollups” via the Optimism Gateway. Sergej Kunz, the 1inch Network co-founder believes partnering with Bitpay will bring more defi accessibility to global users all around the world.

“As defi services gradually progress towards mass adoption, it is important to offer access to the 1inch dex aggregation to as many users as possible,” Kunz remarked during the announcement.

What do you think about Bitpay adding 1inch Network support to the Bitpay wallet so users can access defi? Let us know what you think about this subject in the comments section below.



from Bitcoin News https://ift.tt/3Br6GNR
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more

2021 Bitcoin Price Predictions: Analysts Forecast BTC Values Will Range Between Zero to $600K

As bitcoin has touched new price highs on Thursday nearing the $50k handle, people have been curious as to where the price will go in the future. Meanwhile, despite the gains so far, a number of luminaries, analysts, executives, and proponents from the crypto space believe the leading crypto asset will reach between $60k to six-digits this year. Mike Novogratz Predicts $100K Bitcoin: ‘Other CFOs and CEOs Are Saying, What Should We Be Doing?’ Satoshi Nakamoto’s invention has gained mass appeal in recent times as the leading digital asset bitcoin ( BTC ) has reached its highest value ever in 2021. On Thursday morning (EST), BTC spiked to an all-time high (ATH) at $48,697 per unit. Earlier in the morning at around 2 a.m., bitcoin was exchanging hands for $44,485 and saw an 8.98% increase since then. At the time of publication, at 6:30 p.m. (EST) on February 11, 2021, bitcoin (BTC) is swapping for $47,821 per coin. With BTC so close to the $50k mark, people have been forecasting ...
Post a Comment
Read more