• Amber Group leads a $175 million Series B round in DEX Aggregator 1 inch

  • The 1Inch network, a DeFi project, has raised $175 million in a Series B financing round led by a group of institutional investors.

    1inch, a decentralized cryptocurrency exchange (DEX) aggregator, has closed a $175 million Series B funding round led by Amber Group.

    Around 50 other investors took part in the round, including Jane Street, VanEck, Fenbushi Capital, Alameda Research, Celsius, Nexo, Tribe Capital, and Gemini Frontier Fund, among others.

    1inch is a decentralized finance (DeFi) aggregator that helps users find the best token trade prices. Rather than swapping tokens from a single liquidity pool, the project scans multiple pools and recommends the most efficient way to trade tokens.

    The team stated that the initial investment target was set at $70 million, but due to increased demand from backers, it was decided to raise it to $175 million.

    “The next $1 trillion of assets entering DeFi will come from institutions rather than retail users,” said Sergej Kunz, co-founder of the 1inch Network. “We have already begun work in that direction by attracting some key players from traditional finance markets, and this collaboration will only intensify in the coming years.”

    The project received a $2.8 million funding round led by Binance Labs in August 2020, followed by a $12 million funding round led by Pantera Capital later that year.

    The project intends to use the new funding to build 1inch Pro, a secure and scalable platform that will provide institutional investors in Europe and the United States with an entry point into digital assets in the DeFi sector.

    “The mission is to provide institutions with access to a separate and permissioned 1inch Pro service that will deploy the compliance protocol designed to meet both enterprise-grade requirements for accessing DeFi as well as local laws and regulations where it operates,” Kunz explained.

    The funds raised will also be used to develop new protocols and expand the utility of the 1INCH governance token.

    “We intend to release a protocol that will use 1INCH as an insurance token in Q1 2022.” “By taking risks and earning from the protocol’s fees, users can stake and protect the protocol from losses,” Kunz explained.

    DAO is chosen by 1inch.

    The project is currently transitioning to 1inch DAO, an initiative aimed at decentralizing the network through a decentralized autonomous organization (DAO) mechanism.

    The ultimate goal is for the DAO to fully decentralize, own, and govern both the network’s protocols and the project’s native token.

    The addition of new participants, according to the team, will lead to further decentralization of the 1inch DAO, “making it more democratic by allowing everyone’s vote to matter.”

    Last but not least, 1inch intends to at least double its team, which currently numbers more than 70 people worldwide, over the next few years.

    The Amber Group

    Amber Group is a leading global cryptocurrency finance service provider with offices in Hong Kong, Taipei, Seoul, and Vancouver that operate around the world and around the clock. Amber Group, founded in 2017, serves over 800 institutional clients and has traded over $800 billion across 100+ electronic exchanges, with over $4 billion in assets under management. Amber Group raised $100 million in Series B funding in 2021, becoming the latest FinTech unicorn valued at more than $1 billion.

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