How to Buy Cryptocurrency in the 1inch Wallet | Transak
1inch, one of the largest decentralized exchange (DEX) aggregators and liquidity protocols for routing trades, made headlines last year when the network released an iPhone wallet. And now 1inch Network has partnered with Transak, allowing users to onramp from fiat to crypto directly within the 1inch Wallet.
The 1inch Wallet is a unique multichain mobile platform that provides an easy-to-navigate interface with secure storing, transaction and staking capabilities. The wallet was designed to provide investors with effortless access to the enormous DeFi market by packaging a fast and secure crypto wallet with token swapping functionality provided by the 1inch DEX aggregator into a light and portable mobile application.
Traditionally, it’s been a challenge for DeFi investors to onboard to crypto through 1inch, since the network uses multiple protocols (and therefore multiple tokens).
However, with the direction crypto and DeFi are heading, the 1inch Network will eventually become an aggregator of fiat gateways. This goal will be easier now that it has partnered with Transak, said Sergej Kunz, 1inch Network co-founder, in an April 2022 announcement.
Let’s take a look at the step-by-step crypto onramp process through the 1inch Wallet. Ahead, we break down how to buy crypto on 1inch Wallet using Transak.
Benefits of the Transak + 1inch Wallet partnership
Until now, the 1inch Wallet supported purchases of limited cryptocurrencies. With Transak, users can buy over 100+ cryptocurrencies using easy fiat-to-crypto methods (aka debit/credit cards and other forms of bank transfer).
Here are the major benefits of the Transak/1inch Wallet integration:
- Users can buy from 125+ countries and 100+ cryptocurrencies.
- Transak will also bring the efficiency of paying by ApplePay, Debit/Credit cards, Sepa/Bank transfers to 1inch Wallet.
- Transak is rated very highly.
Buying crypto through Transak inside the 1inch Wallet
Transak is a registered cryptoasset firm with the UK Financial Conduct Authority under the Money Laundering, Terrorist Financing and Transfer of Funds. That makes it easy for DeFi protocols and networks to trust Transak for the KYC process (aka “know your customer”).
Transak’s integration may bump into limitations as to which currencies and localities are supported. This is mostly due to varying regulations for cryptocurrency in governments at the federal and local level. For instance, Transak is not yet available in New York due to the Bit License requirement.
Learn more about Transak’s available currencies.
Step one: Open your 1inch Wallet
Open your 1inch DeFi wallet app on your mobile device.
Step two: Choose the token to buy
With 1inch you can buy ETH along with the native tokens of several DeFi protocols. 1inch provides bridges and native token access for Binance BNB Chain (BNB), Polygon (MATIC), Gnosis (GNO), and Avalanche (AVAX), along with access to the Optimism, Arbitrum, and Fantom bridges.
The Transak + 1inch integration will ultimately allow 1inch to make more fiat-to-crypto purchases available for a broader array of tokens and currencies.
Step three: Choose the amount to buy
You’ll also be able to choose which of your DeFi wallets you want to deposit the crypto to.
Step four: Choose Transak option
Choose “Transak” as your purchase method.
Read more about Transak’s fees
Step five: Agree to the disclaimer
Read and agree to the terms of service. Click “continue” to move ahead to Transak’s third-party integration.
Step six: Complete the crypto onboard process with Transak
You’ve made it to the final step! For the end user, Transak aims to be the most transparent and ultimately the least expensive way to let crypto users buy crypto using the 1inch Wallet.
Once you register with Transak, you can add to or top off your 1inch Wallet as often as you like. Note that the fee amount and exchange rate will fluctuate, as the crypto market is extremely volatile. However, Transak aims to create an easy, fair, and transparent process — all while helping users avoid slippage and simplify their crypto onboarding.
Read more about Transak’s fees.