Coinbase app integrating 1inch API to enhance token swaps
Quick Take
- Coinbase app will integrate a 1inch swap API that will enhance non-custodial token swaps, the companies announced.
- “The integration of the 1inch Swap API by Coinbase represents the DEX aggregator’s most significant U.S. client to date,” they said.
Coinbase's app will integrate a 1inch Swap API aimed at enhancing non-custodial token swaps, the companies said Wednesday.
"The integration of the 1inch Swap API by Coinbase represents the DEX aggregator’s most significant U.S. client to date," according to a statement.
Coinbase appears dedicated to growing decentralized exchange trading across its customer base. In August, the centralized exchange (CEX) said it was launching a DEX integration to give traders the ability to buy and sell "millions" of digital assets previously unavailable to users. The move came on the heels of Coinbase reporting a decline in spot trading volumes and revenue for the second quarter.
Teaming up with 1inch may help boost Coinbase's prospects as it seeks to grow its market footprint. 1inch is a DeFi ecosystem that has 25 million users and handles over $500 million in daily trades, according to the company.
"Together we’re enabling seamless access to DEXes within the Coinbase app," Coinbase's Head of Trading Scott Shapiro said.
In August, 1inch introduced native swaps between Solana and EVM networks, aiming to improve liquidity across ecosystems.
1inch co-founder Sergej Kunz said his company's "non-custodial swap products are the ideal solution for centralized players across both crypto and TradFi as they move to bring assets on-chain in a seamless and secure way."
Coinbase expanding into DeFi also folds into the exchange's plans to position itself as an "everything exchange" where users can trade tokenized stocks or bet on the outcomes of specific events via a prediction similar to Polymarket and Kalshi.
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