TronWeekly

Crypto World News

You are here: Home / Archives for 1inch

1inch

Pantera Capital Leads $12M Funding Round For DeFi Platform 1inch

by

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%.

Binance Ecosystem Partner 1inch Announces Integration With Safepal

by

Decentralized cryptocurrency exchange and Binance Ecosystem partner 1inch announced integration with a cryptocurrency hardware wallet called Safepal. The official blog post of the platform revealed,

“SafePal has successfully integrated 1inch Exchange Dapp within the SafePal App”

Notably, Safepal happens to be the first hardware wallet backed by the cryptocurrency exchange, Binance
and Binance Labs. It recently announced PancakeSwap support to its SafePal App. The recent incorporation of Pancake within the SafePal App was aimed at enabling users to take part in the growing Binance Smart Chain development in the DeFi space.

Veronica Wong, Chief Executive Officer had earlier stated,

“SafePal has been dedicated to building the most secure and powerful cryptocurrency wallet for the masses. Till now SafePal has grown into the most comprehensive crypto management tool with the integration with 19 blockchains, DEXes, Dapps and Market, enabling users to secure, send, buy, swap, and trade crypto all in one. We are excited to witness the steady and robust growth of SafePal, and looking forward to serving every crypto user in a better way”

Besides, Safepal had previously integrated with prominent Ethereum-based DeFi projects which included Uniswap, Compound, and AAVE. Shortly thereafter, the platform announced collaboration with Binance Smart Chain, BEP20 tokens as well as all BSC-based Dapps are now fully integrated and available in the SafePal wallet.

Meanwhile, the latest 1inch-Safepal news comes a day after the exchange announced collaborating with cybersecurity solutions platform, Hacken to enhance its security by auditing its code, APIs, and infrastructure. It had further revealed that the Hacken team would aim on assisting as a crypto exchange auditor.

User Stats

newplot 1

1inch’s user statistics have maintained a consistent upward trajectory similar to ‘other prominent DeFi platforms. Its association with the world’s leading crypto exchange Binance has further boosted its standing in the decentralized finance ecosystem. As of 20th October 2020, there were 30,838 users on its platform.

According to data available on Crunchbase’s website, 1inch secured $2.8 million in a seed round a few months ago. In addition, this funding round saw investments from the likes of DragonFly Capital, FTX exchange, and Binance Labs.