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The collaboration will also provide KuCoin Wallet users with access to 1inch’s Limit Order Protocol functionality.
KuCoin, a company operating in over 200 countries, has established a collaboration with 1inch to launch native token swap functionality. KuCoin plans to inaugurate these native tokens to its in-house wallet after the integration with 1inch’s application programming interface.
1inch is an exchange aggregator that tallies decentralized exchanges to search for the least expensive cryptocurrency prices for traders. With 1inch’s active price changes and exhaustive list of functionalities, 1inch has become one of the most preferred DeFi applications in the crypto space.
KuCoin will be incorporating the API of the 1inch aggregator protocol into its indigenous KuCoin Wallet storage and trade execution application. This integration will enable customers to use the swap function for tokens cross-chain on all backed networks and to utilize the least swap rates and most rapid exchange paths to straightaway switch tokens in the application.
KuCoin, in June, launched its decentralized wallet platform, where users could utilize the browser-based platform to plug into the KuCoin environment. The wallet was also established to be self-custodial, which meant that users could take total control and accountability over their personal keys. The wallet also offers cross-chain trade and DeFi and NFT backing.
The program will accumulate liquidity from more than two hundred and fifty sources from computerized market makers in the environment. 1inch pushes liquidity sources being executed on nine distinctive blockchain networks, supplying an extensive array of exchangeable asset couples.
The collaboration will also introduce Wallet users with a permit to 1inch’s Limit Order Protocol functionality. The orders are initially stocked at an already-defined rate once it is accomplished. This comprises gasless limit orders for Ether (ETH), proposals for references on the blockchain, and other tokens that allow permits instead of transactional authorization.
KuCoin Wallet head Jeff Haul acknowledged that 1inch had built itself as a world pioneer in the DeFi aggregator industry and the new attribute will help elevate KuCoin Wallet’s features that are of use to the customers. According to Haul, swap is a largely used feature of the wallet. 1inch has risen to become the most famous DEXs in the Web3 world and hence, Haul believes that the collaboration will help streamline and optimize the trading exposure for the investors.
Recently in 2022, crypto exchange KuCoin reserved a hundred and fifty million pre-series B fundraising round to boost the expansion and integration of Web3, DeFi, and NFT services and offerings.