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1inch Network raises $175m to serve institutional clients

Updated: Jul 25, 2024
Published: Dec 1, 2021
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1inch Network, a crypto project behind the popular decentralized exchange aggregator 1inch App, announced Wednesday that it has closed a $175 million Series B funding round.

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1inch sold its tokens at a discounted price

Initially, 1inch had set the investment target at $70 million, but after several developments in the space and significant demand from investors, the DEX aggregator decided to increase the amount to $175 million. The firm sold the tokens at a discounted price of $1.50 per token. In comparison, the 1INCH token is currently trading at around $3.80. Amber Group led the Series B round, in which about 50 investors participated. Investors include Jane Street, VanEck, Fenbushi Capital, Alameda Research, Celsius, Nexo, Tribe Capital, and Gemini Frontier Fund.

"A key part of the next phase of DeFi will be providing investors with seamless access to liquidity across different protocols and chains. 1inch has one of the best teams at the forefront of building bridges between fragmented liquidity pools, providing cost savings and optimizing price discovery for all participants," said Tiantian Kullander, co-founder and managing partner of Amber Group. "

Targeting institutional clients

According to The Block 1inch Network plans to use the capital to serve institutional clients, including banks and hedge funds. The company plans to get licensed in Europe and the U.S. The dex aggregator is currently exploring available regulatory opportunities in Germany, Gibraltar, and Liechtenstein. It is not clear what type of licenses 1inch Network will obtain to serve institutional clients.

1inch is already working on launching a product specifically for institutions called 1inch Pro. This was first revealed in September when the project began geofencing U.S. I.P. addresses. The product is expected to launch in late 2022 or early 2023. The tool will provide "permission pools" for institutions and only allow verified participants. This also means that retail investors would have to pass KYC and AML to access all available liquidity sources and services that would run under the 1inch Pro product. In addition, 1inch Network plans to launch a new protocol in the first quarter of 2022 that will use the 1INCH token as an "insurance token."

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