1inch Network secured $175 million in Series B funding from VanEck, Alameda Research, Tribe Capital and more, in order to appeal to institutional investors so let’s read more in our latest blockchain news today.
The decentralized exchange 1inch Network secured $175 million in a Series B funding round and according to the press release that mentioned notable names like the ones mentioned above, there were others that took part in the funding round like Nexo, Celsius, Fenbushi Capital, Jane Street, and Amber Group which led the event. As with other names that took part in the funding round, 1inch said that it will lead to “further decentralization” of its ecosystem and will make it more democratic by allowing each vote to matter. The DeFi project explained that it has plans to utilize the amount to expand the services and to focus on traditional investors.
The platform aims to facilitate the entrance into decentralized finance space by creating new protocols, more utilities for the native cryptocurrency, and scaling the entire contributor team. The 1inch network co-founder Sergej Kunz noted:
“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.”
He thinks that in the next few years, institutional investors will bring another $1 trillion into the project which will make 1inhc focus on providing better services for them. The project wants to onboard these investors into the Pro platform with expectations to double its current size by 2025. the press release informed that 1inch had a goal to raise $70 million with the funding round but some recent developments in the Defi space and the demand from backers, prompted the project to rise by over $100 million. The co-founder of Amber Group Tiantian Kullander said that the institutional investors require “seamless access to liquidity across different protocols and chains” before they get to the space which is why they invested in 1Inch:
“We have been truly impressed by the 1inch team’s pace of product innovation and are extremely excited to partner with them as they continue to build the go-to hub for the DeFi ecosystem.”
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