Coinbase announces the integration of the 1inch Swap API directly within the app, allowing users to perform decentralized token swaps (non-custodial) smoothly. This is considered the largest customer in America for 1inch to date.
This move comes after Coinbase revealed plans to expand into the DEX sector to add millions of digital assets that users were previously unable to trade. The partnership with 1inch – a DeFi platform with over 25 million users and processing 500 million USD in transactions daily – is expected to help Coinbase increase its competitiveness amid declining spot trading revenue.
According to Scott Shapiro, the Director of Trading at Coinbase: “We are bringing the DEX access experience directly into the Coinbase app.”
This event is also part of the strategy to turn Coinbase into an “everything exchange,” where users can trade everything from tokenized stocks to placing bets on event predictions.
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