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Users of the 1inch Wallet may now acquire DeFi assets via Mercuryo’s fiat onramp gateway.
1inch Network, a decentralised exchange aggregator, has teamed with Mercuryo, a cross-border payment network, to give its customers with a more frictionless gateway to DeFi, potentially expanding the market to larger usage.
“To date, some users have been discouraged from entering the DeFi space because most of the existing options for buying crypto are too complicated and inconvenient,” said Sergej Kunz, co-founder of the 1inch Network, adding:
“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, Mercuryo’s CEO and co-founder, said his 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 lately made waves for extending into Polygon, which provided its customers with new liquidity sources and greater throughput. 1inch also introduced a new mobile wallet for Apple iOS on April 27, allowing users to immediately trade tokens on their mobile devices.
DeFi is one of the most popular niches of the bitcoin industry. Despite the current market slump, according to the most current industry estimates, the DeFi sector amounts for almost $126 billion in total value locked. Earlier this month, that figure soared well beyond $160 billion. The overall market capitalisation of DeFi projects has surpassed $107 billion.