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1inch Network partnership with Wirex wallet now users able to exchange token within wallet

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Indrani bose Follow

INDIA

Aug, 05 2022

Aug, 05 2022

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Recently, to support wallet-based token exchange more efficiently, collaboration took place between non-custodial wallet platform Wirex and 1inch Network, which will lead to integrated 1inch’s functionality in the Wirex platform. Users of the Wirex wallet will be able to exchange tokens within the wallet through this partnership.  


The non-custodial wallet from Wirex will get the 1inch Aggregation API, which will make the crypto and Defi worlds better to interact with. It will provide its users with a better token exchange service by using the 1inch Aggregation API. Wirex users will be able to locate the best exchange rates for their swaps provided by the many decentralized exchanges in real time using the DEX aggregator API by using a search algorithm that discovers switching pathways. 1inch is the aggregator of the best exchange rates from significant exchanges. 


The collaboration will enable members of the Wirex community to trade tokens across several blockchains according to a statement made by Sergej Kunz who is co-founder of 1inch Network. Wirex will provide the most competitive exchange rates on the market for converting between cryptocurrencies in addition to enhancing the fiat-crypto conversion experience. The relationship with 1inch, according to the Wirex team, is consistent with their efforts to grow into new blockchains including Avalanche (AVAX), Polygon (MATIC), BNB Chain (BNB), and Fantom (FTM). Several blockchains, including Ethereum, Avalanche, Polygon, BNB Chain, and Fantom, support this kind of functionality.  


Due to 1inch Pathfinder, all of this is possible. It is a sophisticated algorithm that analyses liquidity pools and exchange rates for crypto pairs provided by top DEXs in order to choose the ideal "route" for the swap and complete the transaction as quickly as feasible.  


The new partnership will make it easier for beginners to enter the cryptocurrency realm, and represents a step toward broad acceptance. Newcomers can now have easier access to the many blockchain-powered sectors, such as decentralized finance, owing to this kind of functionality. Thus, new users will be able to benefit from the cutting-edge financial instruments provided by the industry that was the first to embrace this disruptive technology. 


The 1inch integration, according to Wirex co-founder Pavel Matveev, is a mechanism for their project to give consumers access to decentralized finance (DeFi).  He believes that consumers will be able to save time and money while trading their assets with the features offered in their wallets. 


The non-custodial wallet from Wirex was introduced in December to capitalize on the popularity of an app that has more than 5 million users. For increased security, the wallet makes use of keyless technologies, biometric access, and multi-party computation. 


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Indrani bose

CBW - External Analyst

INDIA

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