Decentralized exchange aggregator 1inch launched its wallet on Apple iOS on Tuesday, allowing users to trade tokens on their mobile devices.
The new wallet offers all the benefits of the 1inch network for mobile users, allowing merchants to instantly exchange tokens at lower rates. The iOS wallet also supports so-called stealth transactions within the Ethereum (ETH) network. Stealth transactions keep transactions hidden from third parties, allowing 1 inch claims to reduce the risk of front running.
Crediting Binance Smart Chain, or BSC, for the recent expansion of 1inch Network, protocol founder Sergej Kunz said, “1inch users can now easily switch between BSC and Ethereum in search of faster speed and lower cost.” He went on:
“We are closely following the latest developments in the DeFi space and we will add support to other promising blockchains.”
The initial wallet rollout focuses on highly secure implementation with swaps. Real-time rates, fast transaction signing and integration with Apple Watch and Apple iCloud are also part of the initial release. Betting, governance and liquidity pools will be introduced at a later date. 1inch explained:
“One of the main benefits of the wallet is the highest level of security, as the wallet parses call data and shows what is happening in a user-friendly way. Receiving real-time rates and quickly signing transactions are also very important. With 1 inch Wallet, transactions can be approved and confirmed even on Apple Watch. “
1inch burst onto the DeFi scene in the second half of 2020 and quickly gained notoriety among traders for its ability to find the cheapest exchange rates among DEXs integrated into its ecosystem. In terms of total users, 1inch ranks fourth of the past seven days’ decentralized exchanges, behind Uniswap, 0x and SushiSwap. In January, it was as high as the second in terms of total users.
The DEX aggregator was launched in August 2020 after being launched by Binance Labs, Galaxy Digital and other investors at a cost of $ 2.8 million. In December, 1inch closed a $ 12 million funding round led by Pantera Capital, with significant contributions from ParaFi Capital, Nima Capital and many others.