1inch Network Wants to Raise Series B at $2.25 Billion Valuation

Leading DeFi DEX aggregator 1inch Network is looking to raise a considerable target amount of $70 million in a Series B round at a $2.25 billion valuation.

1inch Network in the Process of a Series B Round

The company is currently in the talks to raise a targeted amount of $70 million. Should it go through, the amount will take the business to its next level, expanding its market reach.

Back in December, 1inch Network closed a $12 million funding round led by Pantera Capital. Other participants to contribute to the investment included ParaFi Capital, Nima Capital, LAUNCHub Ventures, Spark Capital, Gumi Cryptos, Blockchain Capital and angel investors Josh Hannah, Kain Warwick, and Alexander Pack.

Prior to that, in August, the company closed its first investment round of $2.8 million with contributions from top institutional investors from Binance Labs, Galaxy Digital, Greenfield One, Libertus Capital, Dragonfly Capital, FTX, IOSG, LAUNCHub Ventures, Divergence Ventures, Loi Luu, the Founder of Kyber Network, and Illia Polosukhin, the Co-Founder of NEAR Protocol.

Sourcing Liquidity at the Cheapest Price

1inch network is a DEX aggregator that sources a handful of decentralized exchanges for the cheapest prices and reroutes its customers’ trades to ensure that they are getting the best prices.

Founded back in 2019 during ETHNewYork’s hackathon by Sergej Kunz, a former software engineer at the sports car manufacturer Porsche, and Anton Bukov, a previous smart-contract developer at NEAR Protocol, the company has raised about $15 million in funding. As of June 2021, 1inch’s exchange trades about $250 million a day.

As of June, the network claims to have offered users access to over 50 liquidity sources on Ethereum, 20 on Binance Smart Chain, and 8 on Polygon. The list of DEXs it sources from includes Uniswap, 0x and Balancer, as well as 1inch’s own liquidity protocol, formerly known as Mooniswap.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Series B DEX Aggregator 1Inch 1inch Network 1INCH Exchange

1inch Network Wants to Raise Series B at $2.25 Billion Valuation

Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.