In Brief:
- 1Inch Network announced the closing of a $175 million Series B funding round.
- Amber Group was leading this funding round with other 50 investors.
- The fund will be used in the up-gradation of the Protocol and expansion of the native token.
DEX aggregator, 1Inch Network announced the closing of a Series B investment round after raising $175 million, which was led by the crypto-finance firm, Amber Group. This fund will help to expand protocol utility as well as improve access to liquidate with decentralized finance (DeFi).
In this investment round, 50 inventors have participated including VanEck, Jane Street, Fenbushi Capital, Alameda Research, Celsius, Nexo, Tribe Capital, and Gemini Frontier Fund.
According to the 1Inch network, This fund will help to control the impact due to regulatory changes on the DeFi market. Also, the funding will provide support to the institutional clients to create useful protocols as well as to expand the reach of the 1Inch token. At the time of writing, 1Inch is holding a $650 million market cap.
In November, the 1Inch Network crossed over $85 billion cumulative trade volume after two years of launching. Co-founder of 1Inch Network, Anton Bukov believes that in the next 4-5 years, DeFi will grow rapidly as it will dominate the large share of the market.
The protocol is also asking for suggestions from the developer’s community for future upgrades and changes on the platform. In July, The network has allocated a $3 million grant to incentivize developers to contribute to the protocol.
Since the beginning of this year, 1Inch Network has been investing and collaborating with different crypto and blockchain firms. Recently, 1inch launched its Exchange Aggregator and Limit Order protocols to the Arbitrum layer 2 networks.
