Decentralized finance (DeFi),-aggregator 1inch Network announced plans to expand its reach into Asia.
Sergej Kunz, co-founder of 1inch, stated that despite the DeFi market in Asia being small, 1inch is interested in partnering with a few Asia-based Web3 companies.
Kunz said that the greatest barrier to entry is a lack in understanding about DeFi, and how to use crypto wallets.
“When people realize that they can [yield] Farm, they can swap, exchange, and get easy access Ethereum cryptocurrencies with just a few simple EVM compatible networks, the market is going to grow a lot.”
Kunz said that blockchain-based gaming is becoming more popular in Asia, which could lead to more people entering the DeFi market.
“Here, there’s a lot people who like gaming, and a bunch of other things, so I believe the DeFi market in South Korea can grow a lot.”
1inch announced their plans to expand into Asia. They told Cointelegraph at KBW they are currently in negotiations with Klaytn, a metaverse-focused cryptocurrency Klaytn.
1inch Network’s primary use case is as a decentralized exchange (DEX aggregator). scans DEXs in order to identify pools with the highest liquidity, lowest slippage, and cheapest cryptocurrency exchange rate rates. 1inch users also have a mobile wallet that they can use for DeFi purposes.
The 1INCH token powers transactions on the network. It is currently priced at $0.83 according to CoinMarketCap.
