Wirex partners with 1inch to enable wallet-based token swaps

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Non-custodial wallet platform Wirex has partnered with 1inch Network to use its aggregation API to power token swaps. Through the partnership, users of the Wirex wallet will be able to exchange tokens within the wallet. 

In an announcement, 1inch Network co-founder Sergej Kunz said that the partnership will allow Wirex community members to swap their tokens on multiple blockchains. Using a search algorithm that finds swapping routes, 1inch will let Wirex users find optimal trading rates for their swaps. Kunz also noted that the partnership is a move that lets the 1inch platform pursue adoption for its solutions.

According to Pavel Matveev, the co-founder of Wirex, the 1inch integration is a way for their project to give their users access to decentralized finance (DeFi). Matveev believes that with the functionality available in their wallet, users will be able to save time and money when swapping their assets.

According to the Wirex team, the partnership with 1inch is in line with their attempt to expand into new blockchains such as Avalanche (AVAX), Polygon (MATIC), BNB Chain (BNB) and Fantom (FTM).

Related: Nifty News: Yuga Labs buys CryptoPunks, 1inch Wallet supports NFTs and more

Meanwhile, in other parts of the DeFi world, a token bridge called Nomad has gone through a security exploit, with almost $200 million in losses reported. Some of the exploiters claimed to plan to return the funds to the Nomad team and communicated through Twitter. The Nomad team told Cointelegraph that they have already notified the authorities and are constantly working to resolve the situation.

On the topic of decentralization, an argument on whether Solana (SOL) is decentralized or not occurred in July. DeFi firm Unstoppable Finance argued that Solana is “more decentralized than people think,” noting its validator count and Nakamoto coefficient. However, some members of the community are not convinced, believing that Solana is the same as traditional systems.