1inch Network’s Series B funding round, led by Amber Group, surpassed the initial target and raised $175 million in funding, raising 1inch Network’s valuation to $2.250 billion.
1inch Network, the developer of the 1inch decentralized protocol, announced the successful closing of its Series B funding round, raising $175 million from leading industry investors. The round, led by the Amber Group, raised the valuation of 1inch Network to $2.250 billion. Venture capital and investment firms Jane Street Capital, VanEck, Fenbushi Capital, Alameda Research, Celsius, Nexo, Tribe Capital, and Gemini Frontier Fund were present at the round, along with 40 other institutional investors.
As reported by 1inch developers, the funds will be used to boost the growth and adoption of their decentralized finance ecosystem (DeFi1inch wants to facilitate the entry of millions of individuals and institutions to its protocol in order to optimize and drive towards greater decentralization and grow its liquidity. By doing so, the protocol will be able to provide new opportunities to all its users equally. Through its DeFi ecosystem, 1inch wants both users and traditional financial institutions to be able to create new protocols and new accessible financial services, to bring greater value to the ecosystem in general.
1inch Network's initial goal for this funding round was to raise $70 million. However, crypto investors exceeded this goal by 60%, demonstrating the huge interest in decentralized finance today.
It may interest you: 1inch integrates with Arbitrum One to scale and conquer DeFi
1inch, gateway to DeFi for institutional investors
In their post, the developers of 1inch Network highlighted their interest in becoming the main gateway to the DeFi ecosystem for institutions and corporate investors interested in participating in the new financial model of the future.
Sergej Kunz, co-founder of 1inch, noted that the protocol will not fail to serve the needs and interests of its retail users and its crypto community, but it will promote institutional entry into DeFi to grow the liquidity of this financial ecosystem exponentially in the coming years.
“The next $1 trillion of assets entering DeFi will come from institutions rather than retail users… We have already started working in that direction by attracting some key players from traditional financial markets and this collaboration will only accelerate in the coming years.”
The decentralized aggregator protocol (DEX) will use part of the funds raised in the recent funding round to work on creating new products and services, which will help expand the utility of its native 1INCH token in the market. 1inch Network will also expand its team of developers and contributors.
Over the past year, the protocol has been integrated with several second-layer solutions focused on Ethereum scalability, such as Polygon, Arbitrum One y Optimism to scale their services, improve transaction speeds, reduce gas costs, and conquer DeFi.
1inchPro: DeFi and regulation
The innovation brought about by decentralized finance is capturing the interest of retail and institutional investors alike. In fact, 1inch highlights that the recent funding round raised 1.400% more funds than the round held a year ago, in December 2020; where $12 million was raised from crypto investors such as Pantera Capital and Nima Capital, among others. The interest of institutional investors in DeFi highlights the importance of what is being built through this ecosystem.
On their Twitter account, the protocol developers indicated that the funding obtained will help them navigate within the regulatory environment being built on DeFi in Europe and the United States. 1inch Network will create a new product, called 1inchPro, which will be compatible with corporate and institutional clients.
1INCH arrives at Bit2Me
1inch Network's native token, 1INCH, is now live available on the platform Bit2MeThe Spanish cryptocurrency financial services company listed 1INCH yesterday, so its clients and users can now buy, sell, send, store and exchange 1INCH with any of the cryptocurrencies available on the platform, including the company's token, B2M.
At the time of this edition, the value of the 1INCH token on the market is $3,70 and exceeds a market capitalization of 657 million dollars. In the last year, 1INCH has appreciated by almost 400%.
Continue reading: Terra presents plan to strengthen UST's position and liquidity
