1inch After massively expanding its focus for the round, decentralized exchange aggregator. Of course, it has closed a US$175 million Series B funding round from institutional investors. Notably, this is through the leadership of Amber Group, as per information by the company blog post.
Additionally, another 50 other investors together with Amber Group include VanEck, Alameda Research, Celsius. Of course, Gemini Frontier Fund is bringing the network’s native token, at a small price of US$1.50 in the round.
Currently, 1INCH trades at about US$3.44 at press time according to CoinMarketCap.
Formerly, the target is around only US$70 million, but institutional demand from valuable backers means an increment in the target to US$175 million.
More so, The new capital will go into scaling the team, building new protocols and expanding the utility of the 1INCH token.
Also, It will go into navigating the decentralize finance regulatory space in the U.S. and Europe. Of course, this is as it seeks to develop its compliant product for institutional customers, 1inch Pro.
“1inch also aims to become a gateway for institutions that want to be part of the DeFi space,”
So, Sergej Kunz, co-founder of the 1inch Network explains.
“The next US$1 trillion of assets entering DeFi will come from institutions rather than retail users,..”
“and 1inch would like to facilitate entry for them. 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.”
Lastly, Through this funding, the network wants to further build the decentralization of the 1inch decentralize autonomous organization (DAO). Thereby, making it more democratic and then increasing the voting power of individual members.
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