After integrating 1inch’s application programming interface and decentralized finance (DeFi), KuCoin cryptocurrency exchange will offer native token swap functionality to its internal wallet.
1inch’s Pathfinder algorithm, which will improve the functionality of KuCoin Wallet’s newly launched decentralized wallet platform for cross-chain trading and DeFi support, will be used by KuCoin Wallet.
The algorithm will combine liquidity from more than 250 sources, including proactive and automated market makers from the DeFi ecosystem. 1inch connects to liquidity sources on nine different blockchain networks and provides a wide variety of tradable asset pair options.
KuCoin Wallet customers will have access to 1inch’s Limit Order Protocol functionality through the partnership. Once the price is reached, these orders are filled at a fixed price. This includes gasless limit orders of Ether ( Ethereum), requests to quote on the blockchain, and other tokens that do not require transaction approval.
Jeff Haul, KuCoin Wallet Head, noted that 1inch is a leader in DeFi aggregators and that its functionality will improve KuCoin Wallet’s offerings to its users.
Swap is a high frequency feature in the wallet and 1inch is a popular DEX in the Web3 sector, so we are working together through native integration for a seamless and cost-effective trading experience.
With the increasing number of high-profile attacks on DeFi platforms and exchanges, security of assets has been a key focus in recent months. Haul highlighted 1inch’s meticulously vetted smart contracts that offer added security for new DeFi users.
KuCoin Wallet allows users to have full control over their assets and is self-custodial. KuCoin Wallet allows users to exchange tokens using 1inch smart contracts that have been audited by trusted audit teams from the industry.
KuCoin launched its browser-based self custodial wallet on June 20, 2022. It hinted at future support for NFTs, DeFi and GameFi. KuCoin’s NFT marketplace Windvane powered the original NFT functionality.
Related: DeFi market in Korea has potential growth: 1inch cofounder — KBW2022
To fund the development of Web3, DeFi, and NFT services within its ecosystem, the exchange has earmarked a $150 million pre-Series-B fundraising round for 2022.
1inch continues to expand its presence in the cryptocurrency ecosystem, securing a pivotal partnership South Korea’s emerging metaverse blockchain Klaytn.