1inch successfully closes $12 mln funding round led by Pantera Capital
These funds will be used to further develop a variety of 1inch products, hire additional team members, fuel the project’s expansion into new markets and to amplify marketing activities.
“We are really excited to be supported by major global investors,” says Sergej Kunz. “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.”
“As active DeFi participants, our team at Pantera knows firsthand the value of using 1inch’s platform to access the best prices and liquidity across decentralized exchanges,” comments Paul Veradittakit, a partner at Pantera Capital. “What impresses us most about the 1inch team is their focus on building the most user-friendly trading experience for both casual and power users, as well as providing those users with powerful routing and trading infrastructure behind the scenes to get them the best rates.”
“We’re very excited to partner with 1inch and continue growing a key piece of infrastructure for the future of decentralized finance,” he concludes.
The full list of investors in this round includes Pantera Capital, ParaFi Capital, Nima Capital, LAUNCHub Ventures, Spark Capital, gumi Cryptos, Fabriс Ventures, Struck Capital, Rockaway Blockchain Fund, Spartan Group, Blockchain Capital, as well as business angels Josh Hannah, Kain Warwick and Alexander Pack.
Earlier this year, in the seeding round, 1inch 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 and some others.
Recently, 1inch launched version 2 of its protocol, focused on Pathfinder, an API that contains a new discovery and routing algorithm, and an intuitive, user-friendly UI. Thanks to the v2 improvements, users receive better swap rates in the shortest possible amount of time. Moreover, the v2 improvements drastically cut down the number of failed transactions while the probability of failed transactions has been drastically cut.
About Pantera Capital
Pantera Capital (https://panteracapital.com/) is the first institutional investment firm focused exclusively on Bitcoin, other digital currencies, and companies in the blockchain tech ecosystem. Pantera launched the first cryptocurrency fund in the United States when Bitcoin was at $65/BTC in 2013. The firm subsequently launched the first exclusively-blockchain venture fund and recently concluded raising its third venture fund. In 2017 Pantera was the first firm to offer a pre-auction ICO fund. Pantera Bitcoin Fund has returned over 21,000% in seven years and has returned billions to its investors. Pantera currently manages $700M in capital in seven funds in three product groups — passive, hedge, and venture.
Official Medium: https://panteracapital.medium.com/
Official Twitter: https://twitter.com/PanteraCapital