01 December 2021 13:12, UTC
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DeFi project 1inch Network has closed its $ 175 million Series B funding round with Amber Group leading it, team officials told 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 the 1inch Network, “will accelerate the transition to full-scale decentralization of 1inch DAO.”
The project will use the funds received to develop new protocols, create additional functions of the 1INCH token and expand the staff.
The funding is also being used to upgrade 1inch to meet regulatory DeFi project requirements in Europe and the US to provide institutional players with access to 1inch Pro, a dedicated product for qualified investors.
“Continuing to support the existing DeFi audience by providing the most high-tech products, 1inch also aims to become the gateway for institutional investors to the DeFi world,” said Sergey Kuntz, co-founder of 1inch Network.
Initially, the round was planned to raise $ 70 million. Due to demand and a number of events in the industry, the team increased the amount to $ 175 million.
“A key part of the next phase of DeFi’s development will be providing investors with seamless access to liquidity through a variety of protocols,” said Tiantian Kullander, Co-Founder and Managing Partner of Amber Group.
In December 2020, 1inch Network raised $ 12 million from Pantera Capital, ParaFi Capital and others.
In August, Binance Labs led a $ 2.8 million round of funding for the project.
As a reminder, in November 2021, 1inch announced the transition to the second stage on the way to the implementation of a decentralized protocol management system.
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