Decentralized exchange [DEX] aggregator 1inch revealed that it has closed $12 million in a successful Series A funding round of $12 million led by Pantera Capital. Other institutional investors included ParaFi Capital, Nima Capital, LAUNCHub Ventures, Spark Capital, gumi Cryptos, Blockchain Capital, and angel investors Josh Hannah, Kain Warwick, and Alexander Pack.
The 1inch team not only aims to expand geographically, but the latest round of funding is also expected to facilitate the growth of the team itself. According to the official announcement, the freshly infused funds will be utilized to further develop a variety of 1inch products, hire additional team members, intensify the project’s expansion into new markets, and boost marketing activities.
The Co-founder of 1inch Sergej Kunz said “We are really excited to be supported by major global investors. We have recently released version 2 of our protocol and there are several more products in the pipeline, which we’ll reveal soon. Thanks to the recently raised funds, we’ll be able to develop cutting-edge solutions that will really make a difference in the DeFi space.”
Currently, the team was reportedly working on major projects and updates. This also included an update for the platform’s AMM, Mooniswap, and the 1inch utility token, in which the funding round is expected to play an important role in supporting the said initiatives.
Previously, 1inch had announced raising $2.8 million in the seeding round from top institutional investors, including Binance Labs. The round also saw participation from Galaxy Digital, Greenfield One, Libertus Capital, Dragonfly Capital, FTX, IOSG, and among others.
The decentralized finance [DeFI] realm saw a significant inflow of money in the past several quarters. The DeFi success story has been one of the hallmark developments in the cryptocurrency industry this year. The collective worth of DeFi is only a few million shy of the coveted level of $15 billion.
From the beginning of this year to the press time figure of $14.667 billion, TVL [USD] rose by an astonishing 2072%.