The raised funds will help the exchange aggregator to implement an ambitious program of protocol improvements and expansion plans.
Decentralized exchange (DEX) aggregator 1inch has completed a massive $175 series B funding round. The funding round was led by Amber Group with around 50 investors putting money into the project. Among the investors who contributed were Jane Street, VanEck, Fenbushi Capital, Alameda Research, Celsius, Nexo, Tribe Capital, and Gemini Frontier Fund.
While the initial intention of 1inch was to raise a mere $70 million, the final raise more than exceeded expectations. The additional funding will allow 1inch to implement an ambitious program of protocol improvements, expansion, and regulatory compliance.
“Hell yeah, we nailed it,” said 1inch in the start of a Twitter thread on December 1st. “The #1inch team is excited to announce a successful closure of a $175M series B funding round from institutional investors, led by [Amber Group].
The raised funds will also be spent on building new #1inch protocols, expanding the utility of the $1INCH token and scaling up the contributor team. Over the next few years, the team is expected to more than double in size.”
“The funding will facilitate navigating in the regulatory space for #DeFi in Europe and the US in a bid to onboard institutions into #1inchPro, a compliant product for institutional customers,” the tweet continued.
The Next Big DEX Opportunity
On the company blog Sergej Kunz, co-founder of the 1inch Network, was keen to emphasize where the project expects the next big growth opportunity to arise.
“While continuing to keep the existing DeFi audience happy by delivering state-of-the-art products, 1inch also aims to become a gateway for institutions that want to be part of the DeFi space,” he said.
Kunz went on, estimating an enormous asset shift, to which he hopes 1inch to play a pivotal role.
“The next $1 trln of assets entering DeFi will come from institutions rather than retail users, and 1inch would like to facilitate entry for them. We have already started work in that direction by attracting some key players from the traditional finance markets, and this collaboration will only accelerate over the next few years.”
What is 1inch?
1inch is a decentralized exchange (DEX) aggregator that provides the best rates by discovering the most efficient swapping routes across all leading DEXes. 1inch operates on multiple networks, including Ethereum, Binance Smart Chain, Polygon and Optimistic Ethereum.
Source : bsc.news
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