1inch Targets Institutional Clientele with $175M Series B Funding Round

1inch decentralized exchange aggregator and liquidity protocol

1inch decentralized exchange aggregator and liquidity protocol raised $175 million from a Series B funding round to roll out institutional products.

The network announced on Wednesday that investors valued the project at $2.25 billion in the fundraising led by Amber Group.

Other notable investors who participated in the round include Jane Street, Alameda Research, Nexo, VanEck, and Fenbushi Capital among 50 others.

1inch’s co-founder Sergej Kunz says that the funding round was executed via a token sale from the ecosystem’s development fund. He adds that the tokens were sold at a flat rate.

Kunz says the firm wants to bring experts on board for its DAO. 1inch has previously closed similar fundraisers of $12 million and $2.8 million.

The company plans to launch a protocol insurance product in 2022 and begin trials in DeFi services targeting financial institutions.

Source: Coindesk

Leave a Reply

Your email address will not be published.

Related Posts