1inch Network attracted $ 175 million from Alameda Research, Vaneck and other investors

1inch Network Defi project closed the round of the BSS B. $ 175 million series. It was headed by Amber Group, the team representatives said FORKLOG.

In total, about 50 investors participated in the round, including Vaneck, Fenbushi Capital, Alameda Research, Celsius, Nexo and Gemini Frontier Fund. They, as noted by representatives of 1inch Network, “accelerate the transition to full -scale decentralization of 1inch DAO”.

The project will direct the received funds to the development of new protocols, the creation of additional functions of the 1inch token and the expansion of the state.

Financing is also used to improve 1inch in accordance with the requirements for Defi projects of regulators in Europe and the USA to provide institutional players with access to 1inch Pro-a special product for qualified investors.

“Continuing to support the existing DEFI audience, providing the highest -tech products, 1inch also seeks to become a gateway for institutional investors in the world of Defi,” said 1inch Network co -founder Sergey Kuntz.

Initially, in the round it was planned to attract $ 70 million. Due to demand and a number of events in the industry, the team increased the amount to $ 175 million.

“The key part of the next stage of Defi development will be the provision of unhindered access to liquidity through various protocols,” said Tiantyan Kullander, co -founder and managing partner of Amber Group.

In December 2020, 1inch Network attracted $ 12 million from Pantera Capital, Parafi Capital and others.

In August, Binance Labs headed the round financing round by https://gagarin.news/ua/news/the-uk-did-not-support-the-idea-of-regulating-non-custodial-wallets/ $ 2.8 million.

Recall that in November 2021 1inch announced the transition to the second stage on the way to the implementation of the decentralized management system of the protocol.