DEX Aggregator 1inch Pulls $175M Funding in Private Token Sale

Source : coinspeaker.com

1inch has its eyes fixed on launching a new product line that will cater exclusively to institutional investors looking to take a dive into the decentralized finance ecosystem.

Decentralized Exchange (DEX) aggregator, 1inch Network has raised the sum of $175 million in a private token sale round which enjoined massive participation from top investors in the space. As announced by the blockchain startup, the funding round was led by Amber Group amongst about 50 investors which also included Jane Street, VanEck, Fenbushi Capital, Alameda Research, Celsius, Nexo, Tribe Capital, and Gemini Frontier Fund.

Becoming one of the latest crypto startups to capitalize on the growing interest amongst venture capitalists, 1inch said the funding will be used in facilitating an entry to the DeFi space for traditional financial institutions. Additionally, the 1inch Network said it will venture out into building new protocols, creating additional utilities for the 1INCH token, and scaling up the contributor team.

1inch has exerted its foothold in the decentralized exchange ecosystem as it helps users to aggregate the best prices and liquidity across various exchanges. Unlike the single point of failure that centralized exchanges pose, 1inch exerts the tenets of decentralization across the board as it noted the current funding round will also help to enhance.

Beyond the exact need for funding, 1inch Co-Founder Sergej Kunz said in a Coindesk interview that the raise was conducted via a token sale from the project’s ecosystem development fund and that the tokens were sold at a flat rate calculated with a multi-month, time-weighted average price.

“This raise was not about the money,” said Kunz. “We were looking for people and VCs who can help us build a new product, and push the whole network forward. In terms of the 1inch DAO, it also makes sense to have experienced people in several fields – engineering, business relations, and financial institutions.”

DEX Aggregator 1inch and Plans for Institutional Offerings

1inch has its eyes fixed on launching a new product line that will cater exclusively to institutional investors looking to take a dive into the decentralized finance ecosystem. The team dubbed the new offshoot 1inch Pro and would be operated independently of the current products being enjoyed by the current 1inch users.

“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,” Kunz.

Just as other prominent liquidity providers are paving the way for, 1inch Network is optimistic the next trillion-dollar cash inflow into the ecosystem will be powered by institutional investors, hence, the comprehensive plans to prepare for the imminent future.

“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,” 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.”

The increment of its funding target from $75 million to $175 million according to the network is an indication of the recognition being accorded the important work 1inch is pioneering in the DeFi world. The 1inch Pro platform is billed to be both KYC and AML compliant and will meet the standards necessary to operate on American soil.

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Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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