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Android users can now get the best exchange rates when buying crypto for fiat and spend their coins on NFTs directly in their Wallet.

Trust is a fundamental element of any financial system, and its importance cannot be overstated. In the realm of Decentralized Finance (DeFi), where traditional intermediaries are replaced by automated smart contracts and blockchain technology, establishing and maintaining trust becomes a critical factor for adoption and success. In this blog post, we will delve into the psychological aspects of trust in DeFi, exploring the factors that influence trust-building and how DeFi protocols can foster a sense of trust among users.

The Role of Trust in DeFi:

Trust serves as the foundation for financial transactions and interactions in general. Psychologically speaking, trust is fostered from reliability and a congruency between actions and words. It provides individuals with a sense of security, assurance, and confidence in the system they are engaging with. In traditional finance, trust is often built through the reputation and track record of well-established institutions. However, in the decentralized world of DeFi, where trust is not based on centralized authorities, different mechanisms come into play.

Psychological Factors Influencing Trust in DeFi:

1. Transparency: Transparency plays a crucial role in establishing trust in DeFi. Users need to have…

As part of a strategy to drive DeFi adoption and offer as many user-friendly features as possible, the 1inch Network is excited to announce the aggregation of four new fiat on-ramps and NFT support in the upgraded Android version of the 1inch Wallet.

The list of new fiat-to-crypto on-ramp providers allowing users to buy crypto within the app includes Banxa, Sardine, Moonpay and Wyre. With the addition of the new providers to earlier available Transak and Mercuryo, the 1inch Wallet becomes one of the crypto wallets offering the greatest amount of on-ramp options.

Since fiat exchange is the most accessible way to start a cryptocurrency journey, a “ramp” into the world of crypto should be easy, fast and reliable. To ensure that, instead of wasting time and money on verification on exchange platforms and fund transfers, users could buy crypto for fiat directly in their wallet, 1inch has been offering the on-ramp option for a long time. Still, diversity also matters, as on-ramps differ in the way they operate: they offer different rates and payment methods. Plus, currencies and country coverage offered by on-ramps may vary, as well as their services and onboarding procedures.

Special offers and fiat on-ramp providers’ main features
Some providers are preparing special offers that will be available for the 1inch Wallet’s users in the near future.

Banxa boasts a vast range of payment opportunities — it offers 12 local payment options supported in different countries along with standard banking payment methods. It’s worth noting that these options come with no conversion fees.

Moonpay has one of the most impressive coverages — it supports over 80 cryptocurrencies in more than 160 countries.

With Sardine and its instant ACH integration, users will avoid declined transactions, which often happens when paying with cards. Plus, ACH facilitates higher limits. This option can be chosen when selecting “Instant Bank Transfer” among Sardine payment methods. Sardine’s payment system enables instant purchases of over 30 tokens with a total value of up to $25,000/month, while also focusing on fraud detection algorithms.

Other fiat-to-crypto on-ramp providers also offer major advantages. Wyre enables high speed, since it can handle up to 6,000 transactions per second, while also supporting a plethora of cryptocurrencies. Mercuryo’s strength is low transaction fees. Transak is a fiat on-ramp aggregator that scans fiat on-ramp channels in different regions and supports various ways of payments.

Now, when it comes to buying crypto for fiat, users have a plethora of options to choose from.

NFT support
Another feature, long-awaited by Android users, is NFTs support. It allows users to view information about their NFTs organized by collection assortment, as well as to send non-fungible tokens to other wallets. The Android version currently supports only NFTs on Ethereum, but adding more networks is part of a strategy to be implemented in the near future.

The 1inch Wallet is connected to OpenSea, the biggest and the most popular NFT trading platform. Thanks to that connection, users will see their new NFTs right after purchasing them on the marketplace, as they are automatically transferred to the wallet.

1inch is always keen on offering new options for a smoother user experience. Stay tuned, so you won’t miss upcoming features!