Coinbase Integrates 1inch's Swap API, Boosting Decentralized Finance Adoption
Coinbase, the leading U.S. cryptocurrency exchange, has integrated 1inch's Swap API into its app. This move marks a significant step towards mainstream adoption of decentralized finance, with Coinbase aiming to become a 'super app' bundling financial and communication services.
The integration allows Coinbase's 120 million monthly users to perform non-custodial token swaps directly from their own wallets. This is a notable development for 1inch, which now boasts 25 million users and over $500 million in daily trading volume, marking its largest U.S. client to date.
Coinbase's rebranding of its non-custodial wallet as the Base app in July signals its ambition to consolidate various features into a single platform. This aligns with the trend among U.S. crypto and fintech companies to become 'super apps'. Scott Shapiro, head of trading at Coinbase, reiterated the company's vision to become an 'everything exchange', empowering traders to explore new opportunities. The integration reflects growing mainstream adoption of decentralized finance and a trend of exchanges evolving into 'universal exchanges'.
Sergej Kunz, co-founder of 1inch, sees this integration as a step towards unifying financial markets and bringing assets on-chain in a seamless and secure way. This comes as the total value locked in decentralized finance has surged to $163 billion this year.
The integration of 1inch's Swap API into the Coinbase app signals a significant step in the evolution of decentralized finance and the ambition of Coinbase to become a 'super app'. This move is expected to enhance user experience and drive further adoption of decentralized finance.
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