1inch Network Raises $175 Million To Bring Traditional Finance Into DeFi

1inch Network has sold $175 million worth of 1INCH tokens in a Series B funding round – a private token sale with institutional investors – in an attempt to open doors to DeFi for the institutions.

3 December 2021

More than 50 investors participated in the sale of 1INCH tokens, including Jane Street, VanEck, Fenbushi Capital, Alameda Research, Celsius, Nexo, Tribe Capital and Gemini Frontier Fund. According to 1inch’s team, the investment target was initially set at $70 million but eventually more than doubled—to account for the growing interest in decentralized finance (DeFi), a sprawling ecosystem of financial applications and services operating without the middlemen. 

With new capital, the British Virgin Islands-based company aims to provide an on-ramp for traditional finance players that are paying close attention to their disruptors.To that end, 1inch is developing a separate permissioned service called 1inch Pro, which is expected to be released by the end of 2022 or in early 2023. The service will deploy a compliance protocol that will allow institutional investors to directly access various DeFi instruments and services. 

Read more: 1inch Network Raises $175 Million At $2.25 Billion Valuation To Bring Traditional Finance Into DeFi by Nina Bambyesheva