1inch geofences US IP addresses, says new product for the American market is in prep

Your gateway to Bitcoin and beyond

DeFi

In preparation to launch a new product for the US market, 1inch added a pop-up notification and technical layer to control its terms of use compliance, geofencing certain jurisdictions.

Ana Grabundzija · September 30, 2021 at 8:00 pm UTC · 2 min read

1inch geofences US IP addresses, says new product for the American market is in prep 

Bybit Welcome Bonus: Up to $600 in Rewards

The popular decentralized exchange (DEX) liquidity aggregator 1inch has been restricting US trades since April, but the network has only recently added a technical layer to control its terms of use compliance.

By combing through token prices across the leading decentralized exchanges (DEXes), 1inch is designed to find the most lucrative swapping deals for users.

Pop-up notification

As of recently, 1inch added a pop-up notification and technical layer to control its terms of use compliance, geofencing US IP addresses.

“…then they fight you”. SEC +1

You now have to sign a *legalmessage on chain to use 1inch. Probably the beginning of a new UX trend in this dark or murky DeFi waters. pic.twitter.com/kTwA59VXK6

— Julien Bouteloup (@bneiluj) September 29, 2021

Launched in August 2020 after a $2.8 million funding raise from the likes of Binance Labs, Galaxy Digital, Greenfield One, Libertus Capital and Dragonfly Capital, the popular platform that sources liquidity from various exchanges and is able to efficiently split a single trade across multiple DEXs has been growing in volume since.

Top DEXes by Volume in last 30 days

Let’s compare top DEXes by the trading volume in the last 30 days, in order to evaluate their adoption scale.$UNI $DFYN $DYDX $SUSHI $MDX #1INCH $CAKE $CRV $QUICK pic.twitter.com/96plRPonoO

— TOP 7 ICO (@top7ico) September 28, 2021

“Our Interface is NOT offered to persons or entities who reside in, are citizens of, are incorporated in, or have a registered office in the United States of America or any restricted territory, as defined below (any such person or entity, a “Restricted Person”). We do not make exceptions. If you are a restricted person, then do not attempt to access or use the Interface. Use of a virtual private network (e.g., a VPN) or other means by restricted persons to access or use the Interface is prohibited,” read the eligibility part of the platform’s terms of use, updated in April 2021.

Though a number of international exchanges moved to limit their products in certain jurisdictions, the restricted access is fairly simple to circumvent by using VPNs for masking physical location. 

As of September 29, 1inch users have to sign a legal disclaimer message on-chain. 

Preparing a product for the US market

1inch’s popularity has been on the rise, as the network keeps gunning for the 1 million total user milestone.

😱 Unbelievable! 🦄👊 #1inch successfully surpasses 700K in total users count!

The 1M mark is closer and closer 😏

🔗 https://t.co/R7USegSose#DeFi #crypto pic.twitter.com/TA9ZM9wzOw

— 1inch Network (@1inch) September 24, 2021

Meanwhile, the network disclosed its plans to debut a new product, specifically designed for the American market and global institutional investors.

“The 1inch Network is in the process of collecting the Series B funding round that has now grown to $175M (instead of $70M as was planned before). A significant part of these funds will be used for the development and launch of the 1inch Pro product which is specifically designed for the US market and for global institutional investors in accordance with all the regulatory requirements,” the network’s representative told the Block.

Ad: Up to 20x margin on FTX.

Sign up

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Bybit Welcome Bonus: Up to $600 in Rewards

Like what you see? Subscribe for updates.

Note: This article have been indexed to our site. We do not claim legitimacy, ownership or copyright of any of the content above. To see the article at original source Click Here

Related Posts
Ceny ropy odbijają się po dwóch dniach zniżek thumbnail

Ceny ropy odbijają się po dwóch dniach zniżek

Drogi Użytkowniku! W związku z odwiedzaniem naszych serwisów internetowych możemy przetwarzać Twój adres IP, pliki cookies i podobne dane nt. aktywności lub urządzeń użytkownika. Jeżeli dane te pozwalają zidentyfikować Twoją tożsamość, wówczas będą traktowane dodatkowo jako dane osobowe zgodnie z Rozporządzeniem Parlamentu Europejskiego i Rady 2016/679 (RODO). Administratora tych danych, cele i podstawy przetwarzania oraz…
Read More
More details on Project Agorá—the plan to tokenize correspondent banking thumbnail

More details on Project Agorá—the plan to tokenize correspondent banking

Correspondent banks act as middlemen between issuing and receiving banks globally. In the past decade or so, the number of correspondent banks has been declining steadily, primarily due to costs associated with compliance requirements.In April, the Bank for International Settlements (BIS) announced Project Agorá, a project in which seven central banks aim to transform cross-border
Read More
Vitalik Buterin Wary of Pushing Too Much Complexity to Ethereum L2s thumbnail

Vitalik Buterin Wary of Pushing Too Much Complexity to Ethereum L2s

Ethereum co-founder Vitalik Buterin isn’t convinced that all complex features developers want on Ethereum should be built on Layer 2 scaling solutions. People use L2s like Optimism, Polygon, and Arbitrum because they’re cheaper and faster than using Ethereum mainnet. At the time of writing, L2s are processing about 75 transactions per second (TPS) compared to
Read More
Australian Dollar remains subdued amid muted ASX 200, RBA decision eyed thumbnail

Australian Dollar remains subdued amid muted ASX 200, RBA decision eyed

Australian Dollar depreciates on RBA's decision to keep policy rates unchanged. Australian S&P/ASX 200 Index experiences thin trading activity due to market caution. US Dollar strengthens as US Treasury yields improve, fueled by expectations of the Fed being hawkish for an extended period. The Australian Dollar (AUD) remained tepid amid subdued trading activity as market participants exercised caution
Read More
Attention!  These are the vehicles that will not pay tenure in 2022 thumbnail

Attention! These are the vehicles that will not pay tenure in 2022

El Programa de Verificación Vehicular Obligatorio para el primer semestre de 2022 entrará en vigor el próximo 3 de enero y tendrá vigencia hasta el 30 de junio de 2022.El programa mantendrá las condiciones de verificación de emisiones de los automotores que se aplicaron durante el 2021, incluido el costo de la verificación de emisiones…
Read More
Activity, profits dip as gloom continues to swirl within business sector thumbnail

Activity, profits dip as gloom continues to swirl within business sector

Navigation for News Categories A majority of businesses expect the economy to get worse in 2023, a new survey shows. Photo: 123rf.com The Institute of Economic Research's latest survey shows business sentiment has continued to deteriorate to the weakest level in the survey's history. The latest NZIER Quarterly Survey of Business Opinion (QSBO) conducted between
Read More
Index Of News
Total
0
Share