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Highlights
- 1inch Network is a decentralized exchange (DEX).
- 1inch Network closed its Series B US$175 million funding led by Amber Group.
- The token rose over 7% intraday after the news.
The 1inch Network (1INCH) token gained strong traction on Wednesday after closing its US$175-million Series B funding round led by Amber Group.
It was up 7.35% to US$3.95 at 9:15 am ET.
Series B Funding
Some 50 investors, including VanEck, Gemini Frontier Fund, Alameda Research, and Tribe Capital, participated in the funding round. Though it initially hoped to raise US$70 million, the strong support from its backers helped it net more than double that amount at US$175 million.
1inch said the next US$1 trillion investments in DeFi would come from an institutional investor.
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In 2020, the company had raised US$2.8 million in a funding round led by Binance Labs. In the same year, it raised US$12 million more in a new funding round led by Pantera Capital. Other investors included ParaFi Capital, Spartan Group, and Blockchain Capital.
It said the proceeds would be used to build new protocols, expand the utility of its governance token, and increase the size of the contributor team.
Additionally, it will also be used to build a secure, scalable platform for institutional investors in the US and Europe hoping for entry into the DeFi space.
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What is 1inch?
1inch is a decentralized exchange aggregator that aims to discover the best trade prices for tokens. It is the first protocol of decentralized exchange aggregator. It helps in finding the best path from the pool of liquidity sources. It allows users to scan from various liquidity pools and suggest the best way to trade tokens instead of swapping them from a single collection.
1inch’s liquidity protocol is like an automated market maker (AMM) that provides liquidity and safety to users. It currently has more than 900,000 users. 1inch is available on 5 supported networks with over 6.4 million total trades.
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1inch’s current market capitalization is US$711,671,414, and the fully diluted market capitalization is US$6,054,161,065. Its volume in the last 24 hours increased to US$339,646,649, up 144.97%. It has a circulating supply of 180,362,122.33, and the total supply is 1,500,000,000. The token’s maximum supply was not immediately unavailable.
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Bottomline
The network plans to increase the team size to more than double in the next few years. Currently, it has around 70 employees spread around the world.
