1inch Network (the decentralized exchange (dex), aggregation platform) has announced that it has raised $175 Million in Series B funding. This new capital will allow the company to expand its team and foster new 1inch token utilities.
Strategic Investors Receive $175 Million from 1inch
The rise of decentralized finance has seen it become a major topic over the last year. A large number dex platforms offer users the opportunity to trade in decentralized ways and also provide liquidity. 1inch Network offers users the opportunity to receive a better exchange rate. The aggregation platform aggregates multiple exchange rates to locate the lowest price. Additionally, 1inch supports five other blockchains including Ethereum (ETH), Binance Smart Chain’s (BSC), Polygon(MATIC) and the rollup solutions provided by Optimism (and Arbitrum).
Bitcoin.com News received an announcement stating that 1inch raised $175 Million in Series B under the leadership of Amber Group. Oneinch noted that 50 investors participated, including companies like Vaneck and Jane Street. “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,” 1inch Network co-founder Sergej KunzStatement. Co-founder:
Your next $1 [trillion] of assets entering defi will come from institutions rather than retail users, and 1inch would like to facilitate entry for them,” he adds. “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.
1inch Ethereum Volume Surpasses $100 Billion, ‘Next Phase of Defi Will Be Seamless Access to Different Protocols and Chains’
Dune Analytics statistics show that 1inch Network has reached over $100 billion in total volume on Ethereum. The metrics indicate that 1inch is currently the largest dex aggregater, followed by Matcha, Paraswap (and Gnosis Protocol) respectively. The 1inch Network has over a million active users, according to metrics. The initial target of the $70million investment round was set by 1inch. But, after some development, it was decided that the round would be expanded to $175 million.
“A key part of the next phase of defi will be providing investors with seamless access to liquidity across different protocols and chains,” Amber Group’s Tiantian KullanderOn Wednesday, it was stated. 1inch has one of the best teams at the forefront of building bridges between fragmented liquidity pools, providing cost-savings and optimizing price discovery for all participants,” Kullander added.
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