1inch Network adds KuCoin Wallet to its automated market maker functionality, allowing for better token swaps.
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.
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.
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.