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DeFi market still has great growth potential in Asia – 1inch founder

 


The 1inch Network, which provides aggregate access to some of the most important Decentralized Financial Services (DeFi) projects as an aggregator, sees great potential to expand DeFi market share in Asia.


Co-founder Sergej Kunz told Cointelegraph this Monday at Korean Blockchain Week (KBW) 2022 that DeFi is still very underrepresented in South Korea and Asia in general. However, 1inch already has a number of Asian crypto companies in mind with which the market in the region is to be gradually expanded.


Kunz sees a general lack of understanding of DeFi and wallets as the biggest barrier to entry for the Asian region:


“Once investors understand that they can easily leverage services such as yield farming, swaps, and exchanges for various cryptocurrencies via Ethereum and a few EVM-compatible networks, the market will grow very quickly.”

The expert sees what is probably the greatest advantage of the region in the fact that blockchain gaming is very popular in Asia, which means that a completely new clientele could come into contact with DeFi:


"There are a lot of people here who are passionate about gaming and things like that, which is why I'm convinced that the DeFi market will grow fast, especially in South Korea."

1inch made the relevant comments in an exclusive conversation with Cointelegraph at KBW, with the company also revealing that it has entered into a Metaverse-related partnership with Korean crypto project Klaytn.


In its main function, the 1inch Network is a kind of collection point for Decentralized Crypto Exchanges (DEX), which allows users to see the entirety of decentralized cryptocurrency trading at a glance. 1inch also provides a smartphone wallet for this purpose.


The transactions on the network are processed with the in-house cryptocurrency 1INCH, which is currently at a rate of 0.83 US dollars.

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