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1inch Partners Mercuryo to Enable Fiat Gateways for DeFi

UTC by Oluwapelumi Adejumo · 2 min read
1inch Partners Mercuryo to Enable Fiat Gateways for DeFi
Photo: 1inch Network / Medium

Petr Kozyakov, the CEO and co-founder of Mercuryo, says 1inch Network company has seen “great demand” for fiat onramp solutions to DeFi.

The decentralized exchange aggregator 1inch Network officially announced its partnership with Mercuryo, a cross-border payment network. The collaboration will enable all 1inch wallet users to experience a hitch-free gateway to DeFi, which will open up it market to greater adoption.

In the past, some users have been discouraged from entering the DeFi space because of the unappealing option provided that are too complicated and inconvenient, said Sergej Kunz, co-founder of the 1inch Network.

Sergej Kunz added that “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, the CEO and co-founder of Mercuryo, says 1inch Network 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 recently been in the headlines following its expansion into Polygon (previously known as Matic network), a move that opened up additional liquidity sources and higher through for its users. On April 27, 1inch also launched a new mobile wallet on Apple iOS, enabling users to instantly swap tokens on their mobile devices.

Consequently, DeFi has been 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 the newest industry figures. That number peaked well north of $160 billion earlier this month. At press time, he total market capitalization of DeFi project is now worth more than $107 billion.

Decentralized Exchange Aggregator

1inch is a decentralized exchange (DEX) aggregator, connecting several DEXes into one platform to allow its users to find the most efficient swapping routes across all platforms. In order for a user to find the best price for a swap, they need to look at every exchange — DEX aggregators eliminate the need for manually checking, bringing efficiency to swapping on DEXs.

DEX aggregators work by sourcing liquidity from different DExs, meaning that they are able to offer users better token swap rates than they could find on any single DEX, in the shortest time possible.

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Oluwapelumi Adejumo

Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.

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