1inch to be DEX Aggregator Protocol, also known as a collection of decentralized exchanges (DEX). You can completely understand simply 1inch.exchange will do the work of aggregating liquidity on the DEX and allows users to swap tokens through multiple DEX different.
1inch successfully raised capital from big fund Alameda Research, Celsius
Closing a $175 million Series B funding round, led by Hong Kong-based Amber Group. Valuation of the company at $2.25 billion.
With the new funding, the British Virgin Islands-based company will reach many investors in the traditional financial markets.
“Our main goal for this fundraising event is to open the door DeFi For organizations," Sergei Kunz said in the comments via e-mail. “The next $1 trillion in assets to DeFi will come from institutions rather than individual users, and 1inch wants to facilitate their entry.”
To that end, 1inch is developing a separate licensed service called 1inch Pro, is expected to be released in late 2022 or early 2023.
The service will implement a protocol that will allow institutional investors direct access to various DeFi instruments. According to Kunz, the team has negotiated with banks, hedge funds, market makers and credit institutions.
Additionally, 1inch plans to deploy funding to build new protocols, create add-ons, and scale up its team of collaborators, which currently include more than 70 members.
1inch's strategy resembles other DeFi projects, which are increasingly available to institutional investors. In June, lending protocol Compound announced the Compound Treasury, a product that allows banks, fintech startups and traditional businesses to access interest rates in the market. USDC of the Compound protocol.
July, Aave revealed a plan, similar to what 1inch is trying to do, to operate pools for KYC users, removing barriers for institutions to enter the budding economy.
Kunz, former software engineer at Porsche, and Anton Bukov, former senior smart contract engineer at NEAR Protocol, developed the 1-inch idea over a 36-hour period at the ETHGlobal New York hackathon in May 2019.
The following year, the founders raised $2.8 million from companies including Binance Labs, Galaxy Digital and FTX, and in December 2020 they closed a $12 million Series A round from a host of other prominent investors including Pantera Capital and ParaFi Capital.
Although decentralized exchanges have become popular, reaching more than 30 billion USD TVL, but many users are still unfamiliar.
As of late September, 1inch began restricting US users from accessing its services. Sergey Maslennikov, communications director of 1inch Network, said: “We are in the process of doing legal research through several law firms. But there is so much regulatory uncertainty in the US. "