Decentralized exchange (DEX) aggregator 1Inch Network has successfully closed a $175 million Series B funding round, with Amber Group leading the investment. The round included participation from nearly 50 prominent investors, such as Jane Street, VanEck, Fenbushi Capital, Alameda Research, Celsius, Nexo, Tribe Capital, and Gemini Frontier Fund.
What Is 1Inch Network?
1Inch is a DeFi aggregator that optimizes token swaps by scanning multiple liquidity pools to find the best trade prices. Unlike traditional DEXs, which rely on a single pool, 1Inch splits trades across multiple sources to minimize slippage and maximize efficiency.
Key Highlights of the Funding Round
- Initial Target: $70 million (later expanded to $175M due to high demand).
- Primary Use of Funds: Development of 1Inch Pro, a compliant institutional DeFi gateway for U.S. and European investors.
Future Initiatives:
- Expansion of 1INCH token utility (e.g., staking for insurance coverage).
- Launch of new protocols in Q1 2022.
- Transition to 1Inch DAO for full decentralization.
👉 Discover how 1Inch is revolutionizing DeFi trading
Why This Funding Matters
Sergej Kunz, 1Inch co-founder, emphasized that institutional adoption will drive the next trillion dollars into DeFi:
"We’re attracting traditional finance players to accelerate institutional entry into DeFi. This collaboration will grow significantly in the coming years."
Previous Funding Milestones
- August 2020: $2.8M (Binance Labs).
- December 2020: $12M (Pantera Capital).
Roadmap: Decentralization & Growth
1Inch DAO Transition:
- Moving governance to a decentralized autonomous organization (DAO).
- Enhancing democratic voting mechanisms.
Team Expansion:
- Plans to double the current 70+ global team in the next few years.
FAQ Section
Q: How does 1Inch improve trading efficiency?
A: By aggregating liquidity from multiple DEXs to offer the best rates and lowest slippage.
Q: What is 1Inch Pro?
A: A compliant platform for institutional investors to access DeFi securely.
Q: Will the 1INCH token have more use cases?
A: Yes, including staking for protocol insurance and earning fees.
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