Convergence, automated market maker (AMM) has announced that it has joined hands with the leading decentralized exchange aggregator 1inch Network.
The collaboration will allow DeFi users to conveniently buy and trade real-world, private, and exotic assets. Convergence noted that it’s a major step towards democratizing private assets by making them available to the masses. Users can access such assets without having to leave the crypto ecosystem.
1inch Network aggregates DeFi protocols to help users find the best prices across multiple decentralized exchanges. As part of the deal, 1inch Network will aggregate all the existing trading pairs on ConvX as well as the assets that will be listed in the future.
Convergence Finance allows asset owners to bring real-world, illiquid assets into the DeFi ecosystem to benefit from the increased liquidity. There are no geographical or jurisdictional barriers in DeFi, enabling people from around the world to buy and trade assets.
Convergence ensures that the legal rights to the asset are transferred to the new buyer. It means token holders enjoy the benefits of real-world asset exposure from both the on-chain and off-chain perspectives.
With the growing appetite for exposure to real-world assets in the DeFi ecosystem, platforms like Convergence are blurring the lines between traditional finance and decentralized finance.
What they are saying
Oscar Yeung, Co-Founder of Convergence Finance, said, “The 1inch Network offers the market-leading DEX aggregation protocol. Convergence has already benefited from its aggregation, and the result is notable. In addition, we expect more DeFi users will get a chance to have an exposure on private and illiquid assets on Convergence via 1inch, as we have more of such assets ready to be listed on ConvX.”
Sergej Kunz, Co-founder of the 1inch Network, added, “Convergence Finance brings true innovation into the DeFi space by making real-world assets available to DeFi’s liquidity. We believe this collaboration will bring great value for both counterparts.”
