1inch Network Closes $ 175 Million Series B Funding

The funds will be used to help traditional financial institutions get into the DeFi space, create new protocols, create add-ons for the 1INCH token, and scale the community pool.

Team 1inch is pleased to announce the successful completion of a $ 175 million Series B funding round from institutional investors led by Amber Group.

Among the 50 or so investors who attended the funding event were Jane Street, VanEck, Fenbushi Capital, Alameda Research, Celsius, Nexo, Tribe Capital and Gemini Frontier Fund.

The addition of several dozen new participants to the 1-inch network will further decentralize the 1-inch DAO and make it more democratic by having everyone’s voice count.

“1inch would like to continue to maintain the satisfaction of the existing DeFi members by providing products, but also to be a gateway for organizations that want to become part of the DeFi area,” said Sergej Kunz, co-founder of the 1inch Network organization.

“The next $ 1 trillion in assets going into DeFi will come from institutions rather than individual investors, and 1inch aims to help them enter this market,” he added. “We have already started working in this direction by bringing some of the key institutions out of traditional financial markets and this partnership will accelerate over the next few years.”

Originally the investment target was set at $ 70 million, but after some developments in the space and great demand from financiers, the investment amount was increased to $ 175 million.

“An important part of the next phase of DeFi will be providing investors with seamless access to liquidity across different protocols and chains. 1inch has one of the best teams at the forefront building bridges between fragmented pools of liquidity to cut costs and optimize pricing for all participants, “said Tiantian Kullander, co-founder and managing partner of Amber Group. “We are really impressed with the speed of product innovation at 1inch Network, and we look forward to working with them as they continue to build the hub for the DeFi ecosystem.”

This grant will make it easier to navigate the regulatory space for DeFi in Europe and the US to bring businesses to 1inch Pro, a compliance product for customers who are businesses.

The money raised will also be used to build new protocols, expand the usefulness of the 1INCH token, and scale the pool of employees. The team is expected to double over the next few years.

In December 2020, 1inch Network raised $ 12 million from several major investors including Pantera Capital, ParaFi Capital, and Nima Capital. In August 2020, $ 2.8 million was raised from a group of institutional investors led by Binance Labs.

Translated by: CoinCu.com