#British Virgin Islands #DeFi #Road Town #Ledger #1inch

1inch Becomes Exclusive Swap Provider for Ledger Multisig Launch

In a significant partnership, 1inch, a frontrunner in the DeFi ecosystem, has been designated as the exclusive swap provider for the launch of Ledger Multisig. This collaboration represents a monumental leap in securing treasury operations for users handling digital assets. Ledger, a revered name in digital asset safety, has integrated the 1inch Swap API into its highly secure multisig framework. As a result, users will experience seamless, secure, and reliable treasury swaps, overcoming previous challenges associated with on-chain transaction approvals.

Addressing Structural Weaknesses

Historically, blind signing has posed substantial risks during on-chain treasury management for decentralized autonomous organizations (DAOs), funds, and DeFi teams. This common practice has often forced organizations to take on unnecessary risks when approving transactions. However, the integration between Ledger Multisig and the 1inch Swap API is designed to eliminate this threat. The new system enables each swap to be reviewed in a clear, human-readable format, promoting transparency and ensuring it adheres to established governance and asset transfer standards.

With the innovative use of EIP-712 structured data, Ledger Multisig users can now review complete transaction details directly on their devices before confirming any swap. This feature diminishes the need for blind signing, enhancing security and clarity. Moreover, the addition of 1inch's Swap API offers users verifiable swap routes and deep liquidity aggregation, resulting in competitive pricing. This allows for safe trades across multiple chains while providing protection against miner-extractable value (MEV) issues.

Redefining Security Standards

Ledger is setting a new standard for treasury security in the DeFi space. By combining hardware-level security with a dependable execution layer, Ledger Multisig addresses significant vulnerabilities traditionally seen in DeFi transactions. Consequently, organizations can confidently manage their assets, rebalance treasuries, and interact with decentralized finance platforms without compromising on security.

In addition to enhances in security for Ledger Multisig, 1inch is applying the same signing technology to bolster its own treasury workflows, ensuring it maintains high security standards across its operations. This integrated approach not only simplifies treasury management but also enhances safety for all DeFi users.

Sergej Kunz, co-founder of 1inch, remarked, "For the DeFi industry to mature, we must create self-custody tools that are both safer and simpler. This is something that both 1inch and Ledger are focused on solving. Our collaboration has made treasury management feel effortless while maintaining robust security."

Sebastien Badault, EVP of Enterprise at Ledger, echoed Kunz's sentiments, adding, "1inch has consistently supported Ledger's security initiatives. Their early adoption of Clear Signing and direct connectivity with Ledger signers demonstrates their commitment to security. We are pleased to have 1inch as our exclusive swap provider at the launch of Ledger Multisig."

About 1inch and Ledger

1inch is dedicated to accelerating decentralized finance by providing a seamless trading experience to its 26 million users. With over $500 million in daily trades, 1inch is not just the leading platform for efficient token swaps but also offers diverse tools, including a secure self-custody wallet and a portfolio tracker for asset management. Their continuous innovation aims to simplify the DeFi landscape for everyone.

Celebrating its 10th anniversary in 2024, Ledger stands as the global leader in digital asset security. With over 8 million devices sold across more than 165 countries, Ledger secures over 20% of the world’s crypto assets. The company prides itself on offering secure by design solutions in an era where digital asset security is paramount, especially in light of the significant losses experienced in the crypto sector.

In conclusion, the partnership between 1inch and Ledger signifies a critical move towards safer, more efficient treasury management solutions in the DeFi space, ultimately fostering a more secure environment for managing digital assets.