1inch secures $2.8 mln in funding from top investors
The successful closure of the first investment round is set to fuel the exchange aggregator’s exponential growth.
Another big day for 1inch — our team is happy to close the first investment round, in which we raised $2.8 mln from top institutional investors, including Binance Labs, which led the funding round, as well as Galaxy Digital, Greenfield One, Libertus Capital, Dragonfly Capital, FTX, IOSG, LAUNCHub Ventures, Divergence Ventures, Loi Luu, the Founder of Kyber Network, and Illia Polosukhin, the Co-Founder of NEAR Protocol.
“DEX aggregation is a critical building block that co-enabled the most recent DeFi boom. It allows executing large order sizes at low slippage rates. 1inch has become the de facto interface for trade execution in DeFi, with aggregate volumes surpassing $1 billion,” said Binance Founder and CEO Changpeng Zhao “CZ”. “It is of great pleasure to support the 1inch team in their relentless quest to drive user adoption in DeFi.”
“Throughout a year our team has grown from just two people up to sixteen — mostly award winning developers from various Ethereum hackathons. At 1inch, we aim to bring together traders and liquidity providers, facilitating transactions that are profitable for both sides,” says Sergej Kunz, co-founder of 1inch Network. “The funds raised in the first investment round will be used to further grow the team, to develop our algorithm together with new innovative products and to run marketing activities.”
“We believe that the gold rush in the DeFi space is in full swing and 1inch has all chances of becoming the first DeFi unicorn company”, he adds.
The news of the investment round closure comes on the hills of another major achievement we are proud of: the overall trading volume on 1inch has recently surpassed the landmark figure of one billion USD! Real-time stats are available here: http://duneanalytics.com/1inch.
In just over one year that has passed since Sergej Kunz and Anton Bukov, co-founder of 1inch Network, launched 1inch in May 2019 at the ETHGlobal hackathon in New York, we have achieved a lot.
“Our team had first met Sergej and Anton at ETHParis in February 2019 where the two pitched a BNB utility project to us. On a subsequent hackathon, the team launched 1inch and after first traction decided to commercialize it,” said Binance Strategy Officer Gin Chao.
1inch is now a leading decentralized exchange aggregator that sources liquidity from various exchanges. Using smart contract technology to split a single trade transaction across multiple DEXs, we enable users to optimize and customize trades.
We have already added support for top DEXs, including Uniswap, Kyber Network, Airswap, Oasis, Bancor, Balancer, Curve and many more. 1inch is quickly expanding its range of products. Our new Pathfinder and automated market maker (AMM) protocol Mooniswap represent a turning point in 1inch’s industry impact. Moreover, 1inch provides a platform that allows users to stake tokens and collect revenue from a number of liquidity pools (e.g. Uniswap, Balancer, and Mooniswap).
But, in many aspects, this is just the beginning. We are currently developing several new products that will definitely take the DeFi space up to the next level.
With a funding round under the 1inch belt, the team will continue to expand our growing list of products. In August, we will release a game-changing algorithm that utilizes 1inch APl to respond in less than a second to find the best trading paths and is completely free for B2B integrations. We will continue to optimize the aggregator’s API and integrate with transformative technologies in DeFi and blockchain. Moreover, 1inch soon plans to release our own token, introduce liquidity mining (farming) on specific Mooniswap pools and perform an initial AirDrop based on provided liquidity starting from the Mooniswap’s release date.
We’ll be back with exciting news soon, so stay tuned!
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