1inch Network opens new funding round at $2.25 billion valuation

The DeFi project 1inch Network plans to raise $70 million following a Series B funding round and to achieve a $2.25 billion valuation. The Block reports.

The co-founder of the liquidity-aggregator with a DEX, Sergey Kunts, said that the final amount may differ from the stated figure, negotiations are ongoing. More than 100 preliminary meetings and discussions have taken place with potential participants.

According to the report, the project is seeking venture capital from outside the cryptocurrency industry and from the traditional finance sector.

Potential investors were offered 1INCH tokens at $1.50 each, a 50% discount to the current price of about $3 (according to CoinGecko).

They will receive 1INCH from the development fund, separate from those held by the team and early investors, which will unlock in December. The tokens in the new funding round are also subject to a lockup.

Representatives of the project told ForkLog that the information is accurate. They added that the $2.25 billion valuation was derived by multiplying the $1.50 value of 1INCH by a 1.5 billion token issuance. The project fixed the price due to the wide range of its fluctuations — from $0.77 to $7.84 since the start of trading.

As of writing, the полностью разводненная оценка of the project stands at around $4.47 billion, according to CoinGecko.

The proceeds will be used to hire new staff and expand the product line.

“One of the two new protocols will add the 1INCH insurance feature. This will be a breakthrough for DeFi”, the project representatives explained.

The platform is currently used by 500,000 users. The goal is to increase this figure twentyfold.

Earlier in August, the project rolled out a second-layer solution from Optimism, after previously from Polygon.

Earlier, 1inch Network launched its own stablecoin, a new protocol for limit orders and a liquidity mining program.

Following the previous round, the liquidity-aggregator team behind the DEX raised $12 million in venture capital.

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