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DEX aggregator 1inch closes $175 million funding round, wants to ‘open doors to DeFi’
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DEX aggregator 1inch Network closed a $175 million Series B round of funding, as per reports. With that, the liquidity sourcing business is now valued at a massive $2.25 billion. Hong Kong-based Amber Group reportedly led the round, along with 50 more participants including the likes of VanEck and Celsius.
The DeFi industry with a TVL of $277 billion has seen skyrocketing interest this year. Due to this, 1inch expanded its funding target from $70 million.
Co-Founder Sergej Kunz told Forbes,
“Our main goal for this fundraising event is to open doors to DeFi for the institutions. The next $1 trillion of assets entering DeFi will come from institutions rather than retail users, and 1inch would like to facilitate entry for them.”
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