Coinbase has implemented the 1inch Swap API in its application, enhancing users’ capabilities for decentralized token exchanges directly through the built-in wallet. With this integration, the exchange has become the largest partner of 1inch in the U.S., strengthening the aggregator’s position in the institutional solutions market.
This is reported by Finway
Expanding Coinbase’s Capabilities and Benefits for Users
The decentralized exchange (DEX) feature in the Coinbase app was recently introduced. It allows users to interact with on-chain assets without the involvement of a custodian, and the new integration with 1inch broadens the range of services, providing direct access to the liquidity of decentralized exchanges in a user-friendly interface.
The 1inch team emphasizes that the collaboration with Coinbase is a strategic move in the development of the corporate direction of 1inch Business. This platform is positioned as a bridge for companies in traditional finance and centralized services (CeFi) looking to integrate DeFi technologies into their solutions.
The Significance of the Alliance for the DeFi Industry
Coinbase noted that the alliance with 1inch will simplify the transition for millions of users to decentralized financial tools, making the process as convenient as possible. The exchange’s head of trading, Scott Shapiro, highlighted that the integration opens “seamless access to DEX directly from the app.”
1inch co-founder Sergiy Kuntz stated that the company’s mission is no longer limited to just uniting DeFi but also extends to traditional financial markets, where non-custodial solutions are becoming crucial for infrastructure.
“1inch’s non-custodial swaps are the perfect solution for centralized players in both the cryptocurrency and TradFi sectors who seek seamless and secure asset placement on the blockchain. It’s great that Coinbase is leading this transition, and others will inevitably follow suit,” Kuntz said.
The integration further underscores the trend of convergence between centralized and decentralized services. Experts believe that such alliances lower entry barriers for users and promote the widespread adoption of on-chain assets.