Decentralized exchange (dex) aggregation project 1inch Network announced that the company has raised $175 million in Series B financing. According to the announcement, the new funds will be used to expand the size of the team, cultivate additional 1-inch token utility programs, and build new agreements.

1inch raised US$175 million from strategic investors

In the past year, decentralized finance (defi) has become the focus of attention, because a large number of dex platforms now provide users with the ability to conduct transactions and provide liquidity in a decentralized manner. 1 inch network Provide users with the ability to obtain better exchange rates, because the aggregation platform combines multiple dex exchange rates to find the cheapest alternative. In addition, by supporting five different blockchains including Ethereum, 1inch is more widely distributed.Ethereum), Binance Smart Chain (BSC), Polygon (MATIC), and two aggregate solutions provided by Optimism and Arbitrum.

The announcement sent to Bitcoin.com News explained that 1inch had raised US$175 million in its Series B financing. Amber Group1inch noted that about 50 investors contributed, including Vaneck, Jane Street, Nexo, Gemini Frontier Fund, Tribe Capital, Fenbushi Capital, Alameda Research and Celsius. “While continuing to satisfy existing defi audiences by providing the most advanced products, 1inch also aims to be a gateway to institutions that want to be part of the defi space,” Co-founder of 1inch Network Sergey Kunz Said in a statement. The co-founder added:

Next $1 [trillion] Assets entering defi will come from institutions rather than retail users, and 1inch hopes to provide convenience for them,” he added. “We have begun to work in this direction by attracting some key players from the traditional financial market. This kind of cooperation will only Accelerate in the next few years.

The 1-inch Ethereum transaction volume exceeds 100 billion U.S. dollars. “The next stage of Defi will seamlessly access different protocols and chains.”

According to data from Dune Analytics, so far, the total transaction volume of 1inch Network on the Ethereum network has exceeded approximately US$100 billion Statistical dataThe indicators show that 1inch is the top dex aggregator, followed by 0x API, Matcha, Paraswap and Gnosis protocols. The indicators also show that there are nearly 1 million 1-inch online users on Ethereum today. According to 1inch, the initial investment target for this round was 70 million U.S. dollars, but after several developments, it was decided to expand this round of financing to 175 million U.S. dollars.

“A key part of the next phase of defi will be to provide investors with seamless liquidity access across different protocols and chains,” said Amber Group. Everyday Kurand Said Wednesday. 1inch has one of the best teams, they bridge the decentralized liquidity pools, save costs for all participants and optimize price discovery,” Kullander added.

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