The DeFi market can grow in Korea according to recent statements by 1inch co-founder Sergej Kunz. 1Inch wants to grow in the largely unexplored Asian market, but widespread DeFi adoption is being held back by a lack of understanding.
According to Sergej Kunz, the co-founder of 1inch Network, a decentralized-finance (DeFi) aggregator, the company has intentions to grow in the Asian market and has said that the DeFi market can grow in Korea, pinpointing Korea as one of the target markets of his organization.
On August 8, during the Korean Blockchain Week (KBW) 2022, Kunz stated that 1inch is hoping to partner with a lot of Asia-based Web3 firms despite the DeFi market being relatively tiny in Korea and Asia.
The main entry-level obstacle, according to Kunz’s additional comment, appears to be a lack of knowledge of DeFi and how to use cryptocurrency 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.”
Kunz further said that more people might enter the DeFi sector as a result of the popularity of blockchain-based games in Asia.
“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 announcement that 1Inch will enter the Asian market follows their announcement at KBW that they are actively negotiating cooperation with the blockchain Klaytn, which focuses on the metaverse.
The primary application of the 1Inch network is a DEX aggregator, which searches DEXs to identify pools with the highest liquidity, the least slippage, and the most affordable coin exchange rates. Additionally, 1Inch offers consumers a mobile wallet that may be used for DeFi.
The 1INCH token, which is valued at $0.83 as of this writing, powers network transactions.
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Who Are 1inch Foundation?
1inch Foundation is a non-profit organization that issued the aptly named 1INCH token. The organization is dedicated to fostering its own network as well as any initiatives that benefit the network’s community.
1inch Foundation’s mission is to foster growth and the expansion of its own network. They also incentivize contributors through grants and other capital deployment vehicles.
The token is an Ethereum token that powers 1inch, the decentralized exchange, and the aforementioned non-profit organization. The network was launched in May 2019, while 1INCH was launched in the final days of 2020 (December), by founders Sergej Kunz and Anton Bukov.
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