1inch announced today that $175 million series B investment agreement headed by Amber Group has been completed.
Some of the 50 investors who participated in the investment round were Jane Street, VanEck, Fenbushi Capital, Alameda Research, Celsius, Nexo, Tribe Capital, and Gemini Frontier Fund, to name a few names.
In the short term, the addition of a few dozen new members to the 1inch Network is projected to further decentralize the 1inch DAO, making it more democratic by allowing everyone’s vote to be taken into consideration.
It was originally planned to invest $70 million, but following several advances in the field and considerable demand from valuable backers, it was decided to increase the goal amount by 25% to $175 million.
The funds will be used to assist the company in navigating the DeFi regulatory landscape in Europe and the United States in order to onboard institutions into 1inch Pro, which is a compliant product for institutional customers that is available now.
While continuing to provide state-of-the-art items to the existing DeFi audience, Sergej Kunz, co-founder of the 1inch Network, hopes to establish the company as a “portal” for institutions interested in being a part of the DeFi sector.
Institutions, rather than retail consumers, will account for the majority of the next $1 trillion in assets entering the DeFi, according to 1inch, which would want to make admittance easier for them.
In that regard, 1inch already begun by bringing in a number of key players from traditional financial markets, and we expect this collaboration to continue to grow in the coming years.
Additional 1INCH protocols will be developed, the utility of the 1INCH token will be increased, and the contributor team will be expanded as a result of the cash obtained. It is anticipated that the team’s size will more than double during the next five years.
A total of $12 million was invested in the 1inch Network by investors such as Pantera Capital, ParaFi Capital, and Nima Capital, among others, in December 2020. During the month of August 2020, Binance Labs organized a group of institutional investors to raise $2.8 million.
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