To boost protocol usability and access to liquidity in the decentralized financial industry, 1inch Network has secured a $175 million Series B financing round.
According to 1inch Network, the financing round well surpassed the intended objective of $70 million, thanks to strong involvement from top venture funds. Amber Group, a crypto-finance startup, led the investment round, which included about 50 investors. Among the investors were VanEck, Jane Street, Fenbushi Capital, Alameda Research, Celsius, Nexo, Tribe Capital, and Gemini Frontier Fund.
The cash will be used by 1inch Network to expand its capacity to deal with the current regulatory developments affecting the DeFi business. The funds will also be used to enrol institutional clients, develop new protocols, and extend the utility of the 1INCH token, which currently has a market cap of over $650 million.
DeFi will increase exponentially over the next three to five years, according to protocol co-founder Anton Bukov, with decentralized exchanges accounting for a bigger portion of the market.
Developers have been targeted by 1inch Network’s charity arm to advocate for future protocol updates. The 1inch Foundation announced a $3 million award program in July to encourage developers to participate in the protocol.
DeFi is made up of a diverse group of organizations and protocols working to disintermediate the financial system, and it has been growing at a breakneck pace since mid-2020. More than $273 billion has been invested in this varied ecosystem, with the crypto bull market anticipated to continue beyond 2021.
