3 min
3 Oct 25
Coinbase has integrated 1inch
1inch and Coinbase Join Forces: A New Era for U.S. Crypto Traders
Today marks a significant milestone in the world of decentralized finance (DeFi) and cryptocurrency trading, as the official announcement of the integration of the 1inch Swap API into Coinbase is made. This partnership signals an important development in the landscape of crypto trading in the United States, particularly for Coinbase's extensive user base, by enhancing their access to secure, efficient, and user-friendly token exchanges.
Understanding 1inch: A Decentralized Exchange Aggregator
1inch has made a name for itself as a leading aggregator of decentralized exchanges (DEX), serving over 25 million users worldwide. Its mission is to fast-track the advancement and adoption of decentralized finance by delivering a seamless trading experience. As a decentralized platform, 1inch facilitates efficient and cost-effective token exchanges, boasting daily trading volumes surpassing $500 million. Beyond basic exchange services, 1inch offers a suite of cryptocurrency tools, including a secure self-custody wallet, a portfolio tracker for digital assets, a business portal, and even a debit card. The integration with Coinbase aligns with 1inch's objective to demystify DeFi for the masses.
Coinbase: Pioneering Crypto Accessibility and Usability
Coinbase has established itself as the foremost centralized cryptocurrency exchange in the United States, with a clear mission to enhance economic freedom for more than a billion individuals. By updating the centuries-old financial system, Coinbase serves as a reliable crypto platform that eases interactions between individuals and institutions. Apart from trading services, Coinbase extends offerings such as staking, custody, spending, and rapid global transfers. It is renowned for providing some of the most vital infrastructures for on-chain activities and advocates for responsible regulatory adoption to make cryptocurrency benefits accessible worldwide. The integration of the 1inch Swap API is pivotal, as it extends DeFi functionalities to less seasoned users, enabling decentralized swaps without leaving the Coinbase app.
The Integration: A Seamless Blend of Centralized and Decentralized Trading
The core of this integration lies in embedding the 1inch Swap API directly into the Coinbase platform. This feature allows users of the centralized exchange to benefit from the swift, secure, and seamless token exchanges typical of decentralized exchanges. With this integration, Coinbase positions itself as the primary U.S. client of 1inch's aggregation services. This new functionality, enabled through an integrated self-custody wallet, permits users direct access to on-chain assets, thus broadening their DeFi horizons by allowing non-custodial on-chain token swaps within the Coinbase app and enhancing access to liquidity.
The Comments: A Strategic Leap into the Future
Reflecting on this strategic move, 1inch reiterates its dedication to expanding its business segment that leverages Software-as-a-Service (SaaS) as a gateway for institutional adoption from both traditional finance (TradFi) and centralized finance (CeFi). This integration paves the way for traditional financial platforms to seamlessly incorporate advanced DeFi technologies. In light of this landmark development, the head of trading at Coinbase, Scott Shapiro, expressed his views on the partnership, highlighting the synergies created through this collaboration. Additionally, 1inch's co-founder Sergej Kunz shared his excitement about the potential of this integration to unlock unprecedented opportunities for users and institutions exploring decentralized finance solutions.
By aligning their goals, 1inch and Coinbase have taken a crucial step towards evolving the trading experience for millions, offering a bridge between centralized and decentralized financial ecosystems. This development not only simplifies DeFi for everyday users but also sets the stage for broader institutional participation in the evolving crypto landscape.
