1inch raises $175 million in investment! On top of that, the company is valued at a whopping $ 2.25 billion.
1inch, one of the most famous DEX aggregators in decentralized finance, raises investments of 175 million US dollars! On top of that, the company is valued at $ 2.25 billion.
1inch exceeds investment target
According to the developers of the DEX aggregator 1inch, an investment of only 70 million US dollars was planned. However, more than double that was achieved.
1inch sits in the British Virgin Islands. A token sale was launched together with the Amber Group from Hong Kong to develop new services. Some well-known companies from the crypto scene, such as Celsius, Nexo, and the Gemini Frontier Fund.
Well-known companies such as Alameda Research, Jane Street, VanEck, Fenbushi Capital, and Tribe Capital also invest. In total, more than 50 investors took part.
1inch plans on-boarding of major investors
With the raised millions, 1inch wants to set up an on-ramp for possible large investors from the traditional financial sector who do not want to stand idly by the rise of the competing crypto world.
“Our goal is to make DeFi accessible to institutions.” says Sergej Kunz, one of the founders of 1inch.
In addition, he estimates, “the next $ 1 trillion in assets will come from institutions rather than private individuals, and 1inch wants them to get started.”
For this purpose, 1inch is developing a separate service called 1inch Pro. This new service should appear from the end of 2022 to the beginning of 2023. This should give major investors direct access to DeFi instruments and services.
1inch has already contacted intended customers such as banks, hedge funds and lenders. The millions raised are also to be used to expand the power and possibilities of the 1inch governance token. The development team should also expand. It currently consists of 70 members.
Increasing professionalization of DEX
1inch’s strategy is nothing new in the crypto world. Crypto companies are increasingly trying to convince large investors from traditional industries. Compound Treasury was presented in June.
Compound created this service intending to let Neobanks and other fintechs participate in the high-interest rates expected with USDC. A short time later, competitor Aave also presented a similar plan. The management of certain pools should attract new shareholders into the growing crypto market.
Sergej Kunz, a key developer, is already part of the 1inch team from the classic industry. He previously worked as a software developer at Porsche. In September 2020, he co-founded 1inch.