In a press release published on 31 August, crypto payments provider BitPay announced it will be integrating 1inch Network into its BitPay Wallet. The wallet will now feature 1inch’s decentralized exchange (DEX) aggregation functionality, enabling users to swap ETH and ERC-20 tokens directly in their BitPay Wallets.
The 1inch searches for deals across many different liquidity sources, offering users better rates than they would find on individual exchanges. The protocol incorporates the Pathfinder algorithm which finds the best paths on dozens of liquidity sources on Ethereum, Binance Smart Chain, Polygon, and Optimistic Ethereum. In the past two years, the 1inchDEX aggregator surpassed $65 billion in trading volume on the Ethereum network alone.
“DeFi protocols and dApp’s are becoming popular tools for BitPay’s crypto users and we wanted to offer users a safe, secure way to interact with them,” said BitPay CEO and co-founder Stephen Pair. “The BitPay Wallet app lets our power users spend, store and manage crypto, and support for the 1inch DEX aggregator enables users the ability to get the best crypto swap rates quickly.”
The BitPay Wallet app currently supports 12 cryptocurrencies, enabling customers to instantly convert them into U.S. dollars. The funds can then be loaded onto the BitPay card and spent with any merchant that accepts Mastercard debit cards.