1inch Integrates Transak for Fiat On-Ramp Provisioning

1inch – the leading decentralized exchange aggregator – has integrated the fiat on-ramp aggregator Transak into the network’s native wallet.

• 1inch co-founder Sergej Kunz, says the integration will allow a “wider variety of tokens” to be acquired using fiat money.
• “Fiat” is the term for traditional, national currencies like USD, which require citizens of their respective countries to use them. Considering that most people still trade with these currencies, creating on-ramps from fiat to crypto is necessary for industry adoption.
• The Transak integration is part of 1inch’s larger plan to embed more fiat payment options into its platform. With this, Kunz believes 1inch will eventually become “an aggregator of fiat gateways”.
• Meanwhile, Transak CEO Sami Start said the 1inch partnership helps to onboard customers to the digital payments ecosystem, using fiat or crypto.
• Transak launched in 2019, with the objective to make it easier to connect money and data to blockchain wallets.
• 1inch is the most popular DEX aggregator on the market, offering access to thousands of cryptocurrencies and tokens at optimized rates.
• The company recently launched P2P swaps, allowing for trustless peer-to-peer cryptocurrency trades.

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Recently, 1inch also deployed on the Fantom Network earlier this month, adding to its multi-chain list including Ethereum, Binance Smart Chain, Polygon, Avalanche, and others.