1inch co-founder said in KBW 2022 that they have plans to expand into the Asian market

Decentralized finance-(DeFi) aggregator, 1inch’s plan to expand into the Asian market comes as they told Cointelegraph at KBW that they’re currently working on a partnership with metaverse-focused blockchain Klaytn. But a lack of DeFi knowledge is preventing mass adoption.

Speaking to Cointelegraph during the 1st day of Korean Blockchain Week (KBW) 2022 on Monda, co-founder Sergej Kunz said that despite the relatively small DeFi market in Korea and Asia, there are a number of Asia-based Web3 companies that 1inch is looking to partner with.

Kunz also added that the entry is on hold due to the lack of understanding about DeFi and how to use crypto wallets:

“As soon as people understand that they can [yield] farm, they can swap, they can exchange and get easy access to cryptocurrencies on Ethereum with a few simple EVM-compatible networks, the market will grow a lot.”

Though, Kunz also added that the popularity of blockchain-based gaming in Asia could bring more individuals into the DeFi market.

“Here, there are a lot of people who like gaming and a lot of things like that, so I think the DeFi market can grow a lot in South Korea.”

The 1inch Network’s main use case is a decentralized exchange (DEX) aggregator, which scans DEXs to find pools with the largest liquidity, lowest slippage, and cheapest cryptocurrency exchange rates. 1inch also gives users with a mobile wallet that can be used for DeFi purposes.

Transactions on the network are powered by the 1INCH token, which is priced at $0.83 now.