1inch Network, the decentralized Exchange (Dex) aggregation project, announced that the company has raised $ 175 million in a Series B financing round. According to the announcement, the fresh new capital will be used to scale the team, promote additional 1-inch token utilities, and create new protocols.
1inch raises $ 175 million from strategic investors
Over the past year, decentralized finance (defi) has come into the spotlight as a large number of Dex platforms now offer users the ability to trade and provide liquidity in a decentralized manner. 1 inch network offers users the opportunity to get a better exchange rate as the aggregation platform combines multiple Dex exchange rates to find the cheapest alternative. On top of that, 1inch has expanded even further by supporting five different blockchains, which include Ethereum (ETH), Binance Smart Chain (BSC), Polygon (MATIC) and the two roll-up solutions from Optimism and Arbitrum.
The announcement posted on Bitcoin.com News states that 1inch raised $ 175 million in a Series B, led by Amber group. 1inch notes that around 50 investors contributed, including companies like Vaneck, Jane Street, Nexo, Gemini Frontier Fund, Tribe Capital, Fenbushi Capital, Alameda Research, and Celsius. “While 1inch keeps the existing Defi audience happy by providing the latest products, it also wants to become a gateway for institutions that want to be part of the Defi room,” co-founder of 1inch Network Sergej Kunz said in a statement. The co-founder added:
The next $ 1 [trillion] of those assets that go into loss are more likely to come from institutions than private users, and 1inch wants to get them started, ”he adds. “We have already started working in this direction by attracting some key players from traditional financial markets, and this collaboration will accelerate over the next few years.
1 Inch Ethereum Volume Exceeds $ 100 Billion, “The Next Phase Of Defi Will Be Seamless Access To Different Protocols And Chains”
To date, 1inch Network has exceeded a total volume of around $ 100 billion on the Ethereum network, according to Dune Analytics statistics. Metrics show that 1inch is the best Dex aggregator, followed by 0x API, Matcha, Paraswap and Gnosis Protocol. Metrics also show that there are nearly a million 1-inch network users on Ethereum today. According to 1inch, the target of the investment round was originally $ 70 million, but after some developments it was decided to swell the funding round to $ 175 million.
“An important part of the next defibrillating phase will be providing investors with seamless access to liquidity across different protocols and chains,” said Amber Group Tiantian Kullander declared on Wednesday. 1inch has one of the best teams at the forefront building bridges between fragmented liquidity pools, enabling cost savings and optimizing pricing for all participants, ”added Kullander.
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Source: Crypto News Austria